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CoinShares gets buying rights to Valkyrie’s crypto ETF unit

November 17, 2023 Coin Telegraph

Acquisition

The deal comes as Bitcoin ETF applications in the U.S. are seemingly inching closer toward regulatory approval.

European digital asset management firm CoinShares secured the exclusive option to acquire the exchange-traded fund (ETF) unit of its United States competitor Valkyrie Investments, including the Valkyrie Bitcoin Fund that’s awaiting approval in the U.S.

CoinShares said on Nov. 17 that the move helps it expand to the U.S., which could soon become the epicenter for ETF offerings. The firm’s CEO Jean-Marie Mognetti added he hopes the Valkyrie acquisition will help it capitalize on what is currently a fragmented global ETF market.

“The establishment of crypto spot ETPs in Europe since 2015, a development about to be mirrored in the U.S., is the perfect illustration,” said Mognetti. “This disparity in market evolution presents both challenges and significant opportunities.”

Exciting update! @CoinSharesCo secures an option to acquire @ValkyrieFunds, uniting our strengths to create a global one-stop-shop in digital asset investments. This marks a strategic leap towards market leadership and bolsters our strong presence in the U.S.!… pic.twitter.com/0BPNGC518P
— CoinShares (@CoinSharesCo) November 16, 2023

The option will remain active until March 31, 2024. For now, Valkyrie Funds will continue to operate as an independent entity until an acquisition by CoinShares is finalized.

Big News! Valkyrie is set to join the @CoinSharesCo family! We're thrilled about this partnership, uniting our U.S. market insights with CoinShares' global expertise. Together, we're redefining digital asset investment in the U.S. and beyond!https://t.co/jiLOMIm8qR pic.twitter.com/s5URikl8Ci
— Valkyrie (@ValkyrieFunds) November 16, 2023

The two crypto-centric firms also agreed on a brand licensing term where the CoinShares name would be used in future S-1 filings to the Securities and Exchange Commission — used to register a securities offering with the regulator when companies plan to go public.

If the SEC approves the Valkyrie Bitcoin Fund, Valkyrie plans to incorporate the CoinShares name into the ETF.

Valkyrie filed for the spot Bitcoin ETF on June 21, along with BlackRock and a host of other financial firms.

CoinShares, which oversees over $3.2 billion in assets under management, expressed its optimism toward the U.S. cryptocurrency ETF market in September and iterated that the economic powerhouse isn’t lagging on digital asset regulation.

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Stablecoin issuer Circle weighing up 2024 public launch: Report

November 8, 2023 Coin Telegraph

Acquisition

Circle initially agreed to go public as part of a $4.5 billion merger in July 2021 but that deal fizzled out.

USD Coin (USDC) issuer Circle is contemplating an initial public offering (IPO) in early 2024, according to Bloomberg.

A Nov. 7 Bloomberg report citing people with knowledge of the matter said the stablecoin issuer is talking to its advisers about the move but there’s no certainty the deliberations will result in a public listing.

Circle first agreed to go public in a $4.5 billion merger with Concord Acquisition in July 2021 but that deal fell through.

“Becoming a U.S.-listed public company has long been part of Circle’s strategic aspirations,” a Circle representative told Bloomberg.

Circle remains tight-lipped on the details. “We don’t comment on rumors,” the representatives added.

A potential IPO would see the now-privately owned Circle publicly offer shares for the first time.

Circle was valued at $9 billion in February 2022 after the firm revised its merger deal with Concord. However, USDC’s market cap has fallen 56% from its $55.9 billion peak in June 2022 to $24.6 billion.

Our Chief Economist @gordonliao & his co-authors were honored at #DCFintechWeek for their research showing how stablecoin use for speculative crypto trading has dropped 90% since 2019. More evidence that $USDC utility era is here. Kudos! https://t.co/XTjxc4Sdjr
— Circle (@circle) November 7, 2023

Circle has received investment from financial services firms BlackRock, Fidelity Management, Goldman Sachs, General Catalyst Partners and Marshall Wace.

USDC temporarily depegged from the United States dollar in March due to its $3.3 billion exposure to the now-collapsed Silicon Valley Bank. It bottomed at $0.87 on March 11 before bouncing back to $1 on March 14, according to CoinGecko.

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Kraken set to acquire Dutch exchange BCM, eyes European expansion

October 5, 2023 Coin Telegraph

Acquisition

Kraken is set to acquire the Netherlands-based cryptocurrency platform as part of its European expansion plans.

United States-based exchange Kraken has announced a pending deal to acquire Netherlands-based cryptocurrency exchange Coin Meester B.V. (BCM) as it sets its sights on European expansion.

While financial details of the deal have not been disclosed, Kraken and BCM announced the coming acquisition following the European Union’s implementation of its Markets in Crypto-Assets (MiCA) regulatory framework.

The announcement from Kraken highlights its plans to grow its business across Europe, having acquired virtual asset service provider (VASP) licenses to operate in Ireland, Italy and Spain.

A statement from Kraken CEO David Ripley highlighted the strength of the Netherlands economy, the high level of cryptocurrency adoption and a culture of innovation as driving reasons for looking to establish a base of operations in the country.

“The acquisition of BCM will give Kraken a sizable position in the Dutch market and will allow BCM’s clients to benefit from an even more robust product offering.”

BCM co-founder and CEO Mitchell Zandwijken said that its existing client base would benefit from Kraken’s investment and innovations set to come from the acquisition.

“Kraken is the pioneer in this field with a track record spanning well over a decade, making it the perfect steward of our business going forward.”

BCM, which recently rebranded from Bitcoin Meester, was established in 2017 and offers cryptocurrency trading and staking services, including access to over 170 cryptocurrencies.

The company is registered as a Dutch cryptocurrency service provider with De Nederlandsche Bank, the country’s central bank. Both companies note that the deal is subject to regulatory approval, which will include clearance from the Dutch central bank.

Cointelegraph has reached out to Kraken and BCM for comments on the acquisition.

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Riot Platforms to add 33,000 Bitcoin miners ahead of 2024 halving

June 27, 2023 Coin Telegraph

Acquisition

The new rigs will add 7.6 EH/s to the firm’s self-mining capacity, but won’t be installed until the first quarter of 2024.

Riot Platforms — one of the world’s largest Bitcoin (BTC) mining companies — has bought 33,280 “next-generation” Bitcoin miners for its Texas facility, costing $162.9 million.

The rigs, which were sourced from mining manufacturer MicroBT, will boost the firm’s self-mining capacity by 7.6 exahashes per second (EH/s) and comes “in advance” of Bitcoin’s next halving cycle, which is set to take place in mid-2024.

Riot Purchases 7.6 EH/s of Next Generation Miners from MicroBT, Manufactured in the United States.

Read more in today’s press release: https://t.co/esLToy798H
— Riot Platforms, Inc. (@RiotPlatforms) June 26, 2023

Riot Platforms CEO Jason Les stated on June 26 that the deal will increase the firm’s self-mining capacity to 20.1 EH/s once the machines are installed in the first quarter of 2024:

“These new miners will contribute an additional 7.6 EH/s to Riot’s self-mining capacity when fully deployed and will further enhance our already strong fleet efficiency in advance of the upcoming Bitcoin halving.”

Les added the rigs we built specifically for “immersion cooling systems,” such as those used at the firm’s Corsicana facility.

Of the 33,280 machines, 8,320 are M56S+ models with a hash rate of 220 terahashes per second (TH/s), while the remaining 24,960 M56S++ are slightly more powerful at 230 TH/s.

However, the machines won’t arrive until December and full deployment of the miners won’t be completed until mid-2024.

Riot said it may also purchase 66,560 M56S++ models before December 31, 2024, adding 15.3 EH/s to the firm’s self-mining capacity. The company may choose to exercise this option in whole or in part.

Join our team as they take you through Riot's production and operations updates for the month of May. Riot produced 676 #Bitcoin and had a deployed hash rate of 10.5 exahash per second.

Hear from Riot’s VP of Research, @BitcoinPierre, as he touches on Riot's active community… pic.twitter.com/lD3YJVkMct
— Riot Platforms, Inc. (@RiotPlatforms) June 16, 2023

Despite the news, Riot’s share price fell 7.2% to $10.77 on June 26, according to Google Finance.

Meanwhile, on June 21, Bitcoin miner Akron Energy announced that it bought a 200-megawatt (MW) mining facility in Hannibal, Ohio, for an undisclosed amount.

It’s the Sydney-based firm’s first expansion into the United States following a $26 million raise on June 20.

The firm plans to immediately complete the first design stage of the Hannibal facility, which it hopes will provide 100 MW of power.

The hosting services will be provided to the firm’s institutional-scale clients in the Bitcoin industry.

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Acquisition

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