Summary
TLDR: CoinShares completed the acquisition of Valkyrie’s fund business, gaining $530 million in assets under management, including four funds, one of which is the Valkyrie Bitcoin Fund. CoinShares plans to rebrand the funds by summer and CEO Jean-Marie Mognetti sees this as a move to expand into the US market. Valkyrie is known for gaining SEC approval for a spot bitcoin ETF and has seen significant inflows since its launch.
Key Points
1. CoinShares completed its takeover of Valkyrie’s fund business, gaining roughly $530 million of assets under management across four funds, including the Valkyrie Bitcoin Fund (BRRR) and the Valkyrie Bitcoin Futures Leveraged Strategy ETF (BTFX).
2. CoinShares aims to rebrand the four Valkyrie funds by the summer, marking a step towards moving deeper into the US market after focusing on European markets for a decade.
3. Valkyrie, known for gaining SEC approval to launch a spot bitcoin ETF, has seen success with BRRR, which has had net inflows of $308 million since its launch in January and surpassed $400 million in assets.