CoinShares to manage Valkyrie assets
European firm CoinShares has announced the acquisition of Valkyrie Funds. The news comes after US regulators approved the use of bitcoin ETFs. CoinShares completed the deal using options.
The acquisition of a spot ETF allows the buyer to expand its operations in the US. In January, the US government approved 11 ETFs, including the registered Valkyrie. The latter allows investors to track the price dynamics of Bitcoin, the main currency on the crypto market. The fund has already placed shares in the new product, which has attracted a large number of investors. Thanks to the deals, it has managed to attract USD 4.6 billion.
Under the terms of the deal, Valkyrie’s assets will be under the management of CoinShares upon completion. The total value of the assets is approximately USD 110 million, spread across several businesses:
– ETF Valkyrie Bitcoin;
– Ether Strategy;
– ETF Valkyrie Bitcoin Miners;
– Valkyrie Bitcoin Fund.
The parties will announce the completion of the acquisition following European and US regulatory approvals.
Information on CoinShares
CoinShares is a leader in the European digital currency sector. The company manages USD 4.5 billion in assets. Key to the portfolio are two ETNs that offer transactions in the most significant cryptocurrencies – Ethereum and Bitcoin. CoinShares is listed on the Stockholm Stock Exchange. In January 2024, its value fell by 3.4%.
Company analysts presented their forecast of the cryptocurrency market development for the current year. According to the experts, one of the leading news will be the release of a stablecoin based on the Bitcoin ecosystem. In addition, the cost of BTC is likely to rise to USD 60,000 per coin. The stimulus for growth is the approval of spot bitcoin ETFs.
The network of this cryptocurrency will continue to develop in the direction of stablecoins. An asset may appear on the market worthy of competing with other stablecoins. It will become a convenient tool for a large number of users. This will make digital assets even more accessible to many investors.
It is worth noting that new products have already appeared on the market. For example, Liquid Network, Stacks and RSK have presented their Steibcoins. A project from bitSmiley Labs is also on the horizon.
CoinShares also predicts an increase in interest in Ethereum. Attention to digital money will increase with the appearance of the spot Ethereum ETF. Its launch is due in the second half of 2024.
The current period will be favourable for developing the cryptocurrency market. More and more countries are recognising the importance of this sector for progress. Therefore, we should expect changes in the rules of regulation of the industry, which will expand its opportunities.
