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Arizona Senate Considers Bitcoin ETFs for Retirement Plans

Arizona Senate Considers Bitcoin ETFs for Retirement Plans In a significant move towards modernizing retirement portfolios, the Arizona state senate is currently deliberating a bill that could pave the way for the inclusion of Bitcoin ETFs in the state's pension funds for government employees. This initiative, encapsulated in Senate Concurrent Resolution 1016, reflects a growing acknowledgment of the digital asset's potential within institutional investment strategies. Key Highlights of Senate Concurrent Resolution 1016 Sponsorship : The resolution is backed by state Senators Jake Hoffman and Warren Petersen, along with Representative Joseph Chaplik. Market Interest : It underscores the remarkable interest in Bitcoin and Bitcoin ETFs, particularly following the approval of 11 spot Bitcoin ETFs in January. Market Capitalization : Bitcoin boasts a staggering market cap exceeding \(1.3 trillion, while the total assets under management for firms pursuing Bitcoin ETFs have ...
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Produced by Daniel Aharonoff & Mogul Media AI

CoinShares Acquires Valkyrie Funds: Expanding Reach into U.S. Market

CoinShares, the European asset manager, recently announced its decision to exercise its option to acquire Valkyrie Funds, the U.S.-based ETF business of Valkyrie Investments. This move comes on the heels of Valkyrie's launch of a spot Bitcoin ETF, the Valkyrie Bitcoin Fund, which trades on Nasdaq under the BRRR ticker. The acquisition includes the newly approved BRRR ETF, along with the Valkyrie Bitcoin and Ether Strategy ETF (BTF) and the Valkyrie Bitcoin Miners ETF (WGMI). As CoinShares expands its reach into the U.S. market, here are some key points to consider:

CoinShares' Acquisition of Valkyrie Funds:

  • CoinShares, based on the island of Jersey, has $4.5 billion in assets under management and is a leading European investment company specializing in digital assets.
  • With the acquisition of Valkyrie Funds, CoinShares will bring $110 million worth of assets under its control, including the BRRR Bitcoin ETF and other Valkyrie offerings.
  • CEO Jean Marie Mognetti expressed confidence in the acquisition, highlighting the company's aim to provide regulated digital asset products to American investors.

Market Performance Insights:

  • On its first day of trading, the BRRR Bitcoin ETF closed at $13.29, experiencing a slight decline of 1.8%.
  • Despite the promising launch, the trading volume of BRRR on the debut day was around $9 million, representing approximately 0.2% of the total volume of all 10 spot Bitcoin ETFs.
  • Major trading activities were observed on BlackRock's IBIT, Fidelity's FBTC, and Grayscale's GBTC, indicating strong competition in the market.

CoinShares' strategic move to acquire Valkyrie Funds reflects its commitment to expanding its presence in the U.S. market and offering American investors access to diverse digital asset products. As the company navigates the competitive landscape of Bitcoin ETFs, it will be interesting to see how CoinShares leverages its expertise to establish a strong foothold in the U.S. market alongside established players.

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