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Finance

CoinShares Secures Option to Buy Valkyrie's ETF Unit

A takeover would give the company a foothold in the U.S. as investors get optimistic that crypto ETFs will win SEC approval.

By Sheldon Reback
AccessTimeIconNov 16, 2023 at 4:14 p.m. UTC
Updated Nov 16, 2023 at 4:29 p.m. UTC
Jean-Marie Mognetti, CEO CoinShares (CoinShares)

CoinShares CEO Jean-Marie Mognetti (CoinShares)

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Crypto asset manager CoinShares said it secured an exclusive option to buy the exchange-traded fund (ETF) unit of Valkyrie Investments, gaining a U.S. foothold amid speculation the Securities and Exchange Commission will soon approve a spot bitcoin ETF.

The Saint Helier, Jersey-based company, whose shares trade on Nasdaq Stockholm, said the option expires March 31. CoinShares didn't disclose how much it paid for the option, or details of pricing for the acquisition, should it decide to go ahead.

Spot crypto exchange-traded products are already available in Europe. That's not yet the case in the U.S., though speculation has swirled recently that one is coming – which could open up bitcoin investing to a broad range of people.

"This disparity in market evolution presents both challenges and significant opportunities," CoinShares CEO Jean-Marie Mognetti said in a statement. "The option to acquire Valkyrie is accelerating our expansion into the U.S. market and the deployment of our digital asset management expertise globally."

Edited by Nick Baker.

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Sheldon Reback
Sheldon Reback

Sheldon Reback is a CoinDesk news editor based in London. He owns a small amount of ether.

Follow @sheldonreback on Twitter

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