CoinShares Expands Its Operations In The European Union With A New Acquisition
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Answer CoinShares Expands Its Operations In The European Union With A New Acquisition
CoinShares, a digital asset investment company, has received approval from the Autorité des Marchés Financiers, the largest financial regulator in France, to acquire Napoleon Asset Management.
The agreement will enable CoinShares to offer Alternative Investment Fund Manager (AIFM) services and exchange-traded products (ETP) to the EU market.
CoinShares receives the green light:
At the end of November last year, CoinShares applied for the acquisition of French fintech company Napoleon and its subsidiaries.
She told Napoleon that when the deal is closed, its employees will become part of the CoinShares family and operate according to its rules and market infrastructure.Read:Bitfinex CEO officially responds and tells customers the truth about the NYAG lawsuit
In a recent announcement, the digital asset management company revealed the acquisition of “Napoleon Asset Management,” a company that provides cryptocurrency solutions to professional investors.
The agreement received the go-ahead from France’s leading monetary watchdog as it was signed and completed at the end of June.
CoinShares offers many services in the field of digital assets, including exposure to exchange-traded products (ETP).
With the latest initiative, the company has raised hopes that it will be able to offer its expertise and solutions to a growing number of investors in the European Union.
How was CoinShares affected by the recent crypto market downturn?
The downturn in the cryptocurrency market affected many companies in this sector, and “CoinShares” was among those companies.
The company’s total revenue during the first three months of 2022 was about $35 million.
By comparison, this number was close to $50 million during the first quarter of 2021.
Additionally, adjusted EBITDA fell more than 45% during that period, to $22 million compared to $41 million last year.Read:$42,000 worth of Ethereum was stolen in a new Uniswap scam
As of March 31, 2022, CoinShares’ assets under management (AUM) were approximately $5 billion, after which they shrank to $4.4 billion.
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