CoinShares, a prominent crypto asset manager, has announced securing an exclusive option to buy the exchange-traded fund (ETF) unit of Valkyrie Investments. This move is seen as a strategic effort to establish a foothold in the U.S. market, particularly in light of the ongoing speculation about the Securities and Exchange Commission's (SEC) potential approval of a spot bitcoin ETF.
The Saint Helier, Jersey-based company, whose shares are traded on Nasdaq Stockholm, has set the option expiry date for March 31. The financial terms of the option or the details of the potential acquisition were not disclosed.
CoinShares CEO Jean-Marie Mognetti highlighted the disparity in market evolution between Europe, where spot crypto exchange-traded products are already available, and the U.S., where such products are still pending regulatory approval. He noted that acquiring Valkyrie's ETF unit would accelerate CoinShares' expansion into the U.S. market and enhance its global digital asset management expertise.
Disclaimer: Please note that the information provided in this article is based on the referenced research articles. It is essential to conduct further research and analysis before making any investment decisions. The cryptocurrency market is highly volatile, and investors should exercise caution and consult with financial professionals before engaging in cryptocurrency trading or investment activities.