CoinShares Enters Option Deal to Acquire Valkyrie

Europe-based CoinShares is seeking to break into the U.S. market with a spot bitcoin ETF.

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Finance Reporter
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Reviewed by: etf.com Staff
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Edited by: Mark Nacinovich

CoinShares International Ltd., a Jersey-based cryptocurrency investment firm with $3.2 billion in assets under management, has agreed to a deal that gives it the option to acquire Valkyrie Funds, manager of a pair of digital-asset ETFs.  

The agreement gives CoinShares the option to buy all of Valkyrie’s funds. The option began on Thursday, and it will expire in March. The firms have also entered a brand licensing agreement, in which Valkyrie will add the CoinShares name to its S-1 filing for its spot bitcoin ETF filing, according to a press release.  

The European market has allowed exchange-traded products that track physically backed bitcoin, and approval of a spot bitcoin ETF is expected in the U.S. 

CoinShares, which offers ETFs in Europe, aims to become a “global one-stop-shop for digital asset investments, both in Europe and the U.S.,” Jean-Marie Mognetti, the company's CEO, wrote in an email to etf.com.  

Spot Bitcoin ETF Race 

The deal would allow CoinShares to expand in the U.S., just in time for a potential spot bitcoin ETF approval and get its brand on such a fund.    

“We aim to leverage this momentum to offer innovative products, like the Spot Bitcoin ETF, and to be at the forefront of providing regulated, sophisticated digital asset investment options to a broader range of investors,” Mognetti wrote.  

He said that the decision to structure the deal as an option rather than as a completed acquisition was a "strategic one.” 

“This approach allows both CoinShares and Valkyrie to align strategically and operationally, ensuring a seamless integration process,” he said.  

Valkyrie will operate independently until the deal is made final. Mognetti said that the decision of what will happen to the Valkyrie brand after the acquisition is “a collaborative effort” between the two firms. 

“We are thoroughly evaluating the brand’s strengths, market positions and alignment with CoinShares’ long-terms strategy and brand identity,” he said.  

Valkyrie now has two ETFs with a combined $56.3 million under management, including the Valkyrie Bitcoin and Ether Strategy ETF (BTF) and the Valkyrie Bitcoin Miners ETF (WGMI). 

Contact Lucy Brewster at [email protected].   

Lucy Brewster is a finance reporter at etf.com covering asset managers, emerging technologies, and regulation. She hosts etf.com webinars and appears on Exchange Traded Fridays, etf.com’s flagship podcast. She previously was a finance fellow at Fortune Magazine where she covered markets, investment strategy, and venture capital. She has also been a freelancer writer at the publication Mergers & Acquisitions and a research fellow at the Historic Hudson Valley. 

She graduated from Vassar College in 2022 with a degree in History and was an editor of The Miscellany News, the college's award winning student run newspaper. 

Lucy lives in Brooklyn, NY, and in her free time she loves to run and find new recipes to cook.