Crypto ETP provider CoinShares has just received an option to buy competitor Valkyrie Funds, which is part of the Valkyrie Investments group.
According to the agreement, whose financial terms have not been unveiled and under which Valkyrie Funds will continue to operate as a separate entity until the transaction is finalized, expires on March 31, 2024.
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The company is awaiting review by the US Securities and Exchange Commission (SEC) of its application to launch a spot Bitcoin-based exchange-traded fund.
The acquisition of Valkyrie Funds will allow CoinShares to continue its US expansion and "capitalize as the global ETF market becomes less fragmented."
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Both companies have agreed that future SEC license applications will be filed under the CoinShares name.