CoinShares to Acquire Valkyrie Funds Following its Bitcoin ETF Approval
CoinShares International is acquiring Valkyrie Funds just days after the latter's Bitcoin ETF was approved by the SEC.
The US regulator approved eleven Bitcoin ETFs on Wednesday with a combined $4.6 billion worth of shares trading hands on Thursday.
On Friday, Coinshares announced it will acquire Valkyrie's approximately $110 million in assets under management including Valkyrie Bitcoin and Ether Strategy ETF, the Valkyrie Bitcoin Miners ETF, and the newly listed Valkyrie Bitcoin Fund.
CoinShares manages $4.5 billion in assets across crypto-focused ETFs.
James Butterfill, head of research at CoinShares, believes Bitcoin can hit $80,000 this year.
“This long-awaited development is poised to expand the investor base for cryptocurrencies and integrate them more closely with traditional financial markets,” Butterfill said, referring to Bitcoin ETFs.
“Estimations suggest that a 20% investment increase from current assets under management (around US$3 billion) could potentially propel Bitcoin prices to US$80,000.”
Bitcoin slipped from $48,711 on Thursday to $42,232 at the time of writing.