CoinShares Completes Napoleon Acquisition, Can Now Promote Products Across EU

The deal was subject to approval by France's AMF, which was granted on June 28.

AccessTimeIconJul 4, 2022 at 10:53 a.m. UTC
Updated Jul 5, 2022 at 11:53 p.m. UTC

Jamie Crawley is a CoinDesk news reporter based in London.

Digital asset manager CoinShares has completed its acquisition of Napoleon Asset Management, which will allow it to promote its products and services across the European Union.

  • Paris-based Napoleon Asset Management is licensed by French regulator Autorité des Marchés Financiers (AMF) under the Alternative Investment Fund Manager (AIFM) directive, which gives "passporting" permission to market products and services across the EU.
  • An AIFM license doesn't include authorization of the funds themselves – only passporting for the funds to be marketed across borders within the EU.
  • Jersey-based CoinShares agreed to purchase the broader Napoleon Group late last year for 13.9 million euros ($14.5 million) in cash and stock. The acquisition of Napoleon Asset Management, however, was subject to approval by the AMF, which was granted on June 28.
  • CoinShares, which claims to be Europe's largest digital asset firm, can now offer its exchange-traded products and other investment vehicles across the EU, giving it a much-needed source of extra revenue.
  • In May, CoinShares reported that its first-quarter income fall by 45%, compared with a year earlier, a trend that may get worse given the sharp downturn in the crypto markets over the last month.

UPDATE (13:40 UTC July 4 2022): Removes 'Offer' from hed and replaces with 'Promote'

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

CoinDesk - Unknown

Jamie Crawley is a CoinDesk news reporter based in London.

CoinDesk - Unknown

Jamie Crawley is a CoinDesk news reporter based in London.