CoinShares to take over Valkyrie now that spot bitcoin ETF is live

Europe-focused CoinShares sets sights on the US crypto fund market after SEC approval of the first spot bitcoin funds

article-image

Valkyrie Funds CEO Leah Wald | DAS 2022 New York by Blockworks

share

Europe-focused CoinShares is set to take over the fund division of Valkyrie Investments as part of an expansion following the landmark approval of US spot bitcoin ETFs. 

Valkyrie’s spot bitcoin fund was among 10 such ETFs that began trading Thursday — the first investment products of that type cleared by the Securities and Exchange Commission.

Now, crypto-focused investment firm CoinShares has exercised its option to acquire Valkyrie Funds as a direct result of that SEC approval, the company said in a Friday news release.

The move aims at extending the company’s European success in the US, CoinShares CEO Jean-Marie Mognetti said in a statement. CoinShares products hold roughly 40% of the assets in all European crypto exchange-traded products (ETPs), according to the firm.   

“This expansion is a clear statement of our appetite for acquisition to support our ambition to be a global leader in the digital asset space,” Mognetti added.

CoinShares said it had secured an option to buy Valkyrie in November. That option was active until March 31, 2024.

Read more: SEC officially approves spot bitcoin ETFs in landmark decision

Bloomberg Intelligence analyst James Seyffart said in an X post at the time that the deal “would bring CoinShares into the US with a splash.”  

The Valkyrie Bitcoin Fund (BRRR) saw day-one trading volumes of roughly 675,000 shares, or $9 million, according to Yahoo Finance data — significantly lower than a number of competing products.

In addition to BRRR, Valkyrie has a bitcoin miners fund and another ETF that holds futures contracts of bitcoin and ether. The three funds have about $110 million in assets under management, which will be added to CoinShares’ roughly $4.5 billion in assets. 

“Being part of such a strong and successful group marks a promising new chapter for us,” Valkyrie Funds CEO Leah Wald said in a statement. 

The deal, for which specific terms were not disclosed, is pending legal requirements and board approval.

A CoinShares spokesperson did not immediately return a request for comment.


Get the news in your inbox. Explore Blockworks newsletters:

Tags

Decoding crypto and the markets. Daily, with Byron Gilliam.

Upcoming Events

Javits Center North | 445 11th Ave

Tues - Thurs, March 24 - 26, 2026

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

recent research

Unlocked by Template.png

Research

The march toward an interoperable and onchain-by-default internet depends on reliable messaging and value transfer across heterogeneous domains. Crosschain protocols now process >$1.3T in combined annual transfer volume and secure tens of millions of user interactions, yet no single design dominates.

article-image

The goal, per Santiago Santos, is to make crypto a relatable piece of tech for people who may not even understand it

article-image

Stripe stablecoin unit aims to operate under a federal charter enabling regulated stablecoin issuance and custody services

by Blockworks /
article-image

Will TradFi make crypto better or create more problems than it solves?

article-image

Subtle decisions by risk curators saved Aave from significant turmoil

article-image

The new Rootstock Institutional unit aims to connect professional investors to Bitcoin-native yield and liquidity strategies anchored in BTC’s security layer

by Blockworks /
article-image

DOJ files record civil forfeiture against more than 127,000 BTC linked to scam activity

by Blockworks /