Latest news with #ValkyrieFunds
Crypto Insight
24-07-2025
- Business
- Crypto Insight
CoinShares secures French MiCA license, cementing EU presence
CoinShares, a major European cryptocurrency investment firm, has secured a license under the local regulatory framework, Markets in Crypto-Assets Regulation (MiCA). CoinShares received the MiCA license through its French subsidiary, CoinShares Asset Management, the company announced on Wednesday. With the license, CoinShares became the 'first continental European regulated asset management company' to be qualified under MiCA, the announcement noted. CoinShares, a major provider of crypto exchange-traded products (ETPs) in Europe, has also been expanding its US presence since acquiring Valkyrie Funds last year. Triple license mix Following the new license acquisition, CoinShares now holds three regulatory licenses in Europe, including MiCA, the Markets in Financial Instruments Directive (MiFID) license and the Alternative Investment Fund Managers Directive (AIFM) license. CoinShares said it's the only continental European asset manager with this triple license, allowing it to offer services across all EU asset classes. CoinShares' MiCA license, issued by the French Autorité des Marchés Financiers (AMF) on Thursday, allows the company to offer portfolio management and advice on crypto assets in the EU. The MiFID license allows it to do the same for traditional financial instruments. The AIFM license authorizes CoinShares to provide services in alternative fund management and delegated management under the EU's Undertakings for Collective Investment in Transferable Securities Directive (UCITS). A milestone for entire EU industry According to CoinShares co-founder and CEO Jean-Marie Mognetti, the MiCA license acquisition marks a major milestone not only for CoinShares, but for the entire crypto industry in Europe. 'For too long, asset managers operating in crypto have been confined to partial or improvised regulatory frameworks,' Mognetti noted, adding that MiCA has brought a 'clear, harmonised structure across the EU.' CoinShares stressed that its MiCA license enables it to provide services across several EU jurisdictions, with operations currently passported in France, Germany, Cyprus, Ireland, Lithuania, Luxembourg, Malta and the Netherlands. The announcement noted the possibility of extending the authorization across all EU member states. CoinShares makes moves in the US Apart from cementing its position as a key industry leader in the EU, CoinShares has also been actively working to compete with peers in the US market after officially entering the market in 2023. Since introducing the CoinShares Bitcoin and Ether ETF (BTF) — a futures ETF tracking the price of Bitcoin and Ether — in the US in October 2021, CoinShares has launched three more crypto funds in the market. The list of CoinShares ETFs currently offered in the US. Source: CoinShares The other funds include the CoinShares Bitcoin Mining ETF (WGMI) launched in February 2022, the spot Bitcoin ETF, CoinShares Bitcoin ETF (BRRR), and the Bitcoin Futures Leveraged ETF (BTFX), launched in January 2024 and February 2024, respectively. Following last year's acquisition of Valkyrie Funds, CoinShares has also been actively applying for other ETF products in the US, including a potential spot XRP (XRP) ETF. Source:
Yahoo
07-03-2025
- Business
- Yahoo
Canary Capital Files to Launch ETF Tracking Cross-Chain Protocol Axelar
Canary Capital, the digital asset-focused investment firm founded by former Valkyrie Funds co-founder Steven McClurg, is planning on launching an exchange-traded fund (ETF) tracking the price of Axelar (AXL). The firm submitted an S-1 filing with the Securities and Exchange Commission (SEC) on Wednesday, kicking off the process to launch such a fund. The hedge fund has previously filed paperwork for several other ETFs. Some of these have already been acknowledged by the Commission and await approval. "Axelar has one of the best dev teams in blockchain. Most viable protocols work with them on chain interoperability," said Steven McClurg, Chief Executive Officer at Canary Capital. "There is no question that AXL will be a top 20 token by market capitalization as the market discovers them. This is why we took the risk." AXL is the native token of the Alexar Network, a cross-chain protocol that connects other blockchains, enabling decentralized, secure cross-chain transactions. Unlike many interoperability solutions that rely on a small set of validators, Axelar operates on a proof-of-stake consensus model, allowing anyone to participate in its network, Sergey Gorbunov, co-founder of Axelar protocol, said in an interview with CoinDesk. The protocol, which has previously been integrated by J.P. Morgan's Kinexys platform, Microsoft's Azure marketplace as well as Uniswap and MetaMask, also announced the appointment of former Coinbase chief legal officer and Acting Comptroller of the Currency Brian Brooks to its newly formed Institutional Advisory Board. 'Brian comes with a pretty deep understanding of how do you actually make sure blockchain is adopted by traditional finance,' said Gorbunov. 'He understands what pain points these asset issuers have and he believes that decentralized interoperability is very essential to not introduce all of those issues in the process.' According to Gorbunov, stablecoins and tokenization are poised to be the next major trends for institutions in crypto, driven by regulatory developments and efficiency gains. A stablecoin bill expected in the coming months could open the door for more financial institutions to issue and integrate stablecoins, with firms like PayPal, BlackRock, and Robinhood already exploring their use for settlement to reduce costs. AXL currently trades at $0.36 and stands at a market cap of $340 million, according to CoinDesk data. The token reached an all-time high in March 2024 at $2.69 but has since dropped. Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy. Sign in to access your portfolio
