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.
"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."
CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk offers all employees above a certain salary threshold, including journalists, stock options in the Bullish group as part of their compensation.