CoinShares International has exercised an option to buy cryptocurrency firm Valkyrie Funds.
The acquisition comes as Valkyrie Funds’ spot Bitcoin (BTC) exchange-traded fund (ETF) begins trading in the U.S.
U.S. regulators have approved the launch of U.S.-listed ETFs, including Valkyrie’s, that track the spot price of Bitcoin.
A total of 11 spot Bitcoin ETFs saw a combined $4.6 billion U.S. worth of shares trade hands on their first trading day on Jan. 11.
The acquisition will see CoinShares take control of Valkyrie’s $110 million U.S. in assets under management, spread across multiple crypto funds.
CoinShares currently manages $4.5 billion U.S. in assets across crypto-focused investment products. The firm is based in Stockholm, Sweden and is one of Europe’s biggest crypto companies.
The acquisition of Valkyrie Funds is pending final approval from both companies’ board of directors.
