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CoinShares to Acquire Valkyrie Funds Following its Bitcoin ETF Approval

CoinShares will acquire Valkyrie's $110 million AUM including its SEC-approved Bitcoin ETF

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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.

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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.

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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.”

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Bitcoin slipped from $48,711 on Thursday to $42,232 at the time of writing.