By Lucas Williams
This groundbreaking bid will not only help CoinShares to acquire Elwood’s business but also own Elwood’s top-notch equity-research team. CoinShares, a renowned digital-asset investment company, which is listed on Nasdaq Stock Exchange is one of the biggest European investment firms.
The company has invested in digital assets over the years. In its recent statement company publicly admitted that an agreement has been reached to acquire Elwood Technologies’ ETF index business for $17 million in shares. The company’s statement also revealed that CoinShares will own “UCITS ETF for the Invesco Elwood Global Blockchain Equity.” Since ETF has a partnership with Invesco, CoinShares will bag assets worth more than $1 billion. Moreover, Elwood’s equity-research team will help CoinShares to focus on digital asset companies.
Elwood Asset Management is owned and managed by Alan Howard: a billionaire digital assets investor. After the completion of this deal, Elwood will advocate for the state-of-the-art technological infrastructure. The infrastructure will be used for carrying out a detailed analysis of the digital assets market, added by James Stickland in his statement.
Elwood’s partner Invesco, a US-based firm headquartered in Atlanta holds $1.5 trillion in assets, and last month funneled two crypto-oriented ETFs with the U.S. SEC. CoinShares and Invesco joining forces will be a win, win situation for both investment groups, further argued by James Stickland the CEO of Elwood’s asset management group.
Jean-Marie Mognetti, the CEO at CoinShares, also announced that the company is looking forward to expanding its business operations while the consumer-finance market is a top priority. This will expand the company’s targeted audience base beyond institutional investors. In recent weeks, the crypto market surged as high as $2.6 trillion. While the cryptocurrency market is deeply volatile, even the drop in these stats shows market growth of over $500 billion since the start of this financial year.
CoinShares said that they are excited about their purchase, the completion of this merger will enable the company to develop deep roots in the digital assets market. Jean-Marie Mognetti further added that the opportunity to work with Invesco will not only reshape the cryptocurrency market but will mutually benefit both investment groups.