CoinShares Expands US Presence with New York Office

CoinShares opened a new office in New York City,
expanding its presence in the US market. The company’s decision to establish a
permanent presence in the region followed several major developments, including
its acquisition of Valkyrie Funds LLC, a digital asset management firm offering
ETFs.

Digital Asset Space

According to the official statement, CoinShares’ central
office in New York City will serve as the base for the company’s US operations,
which are set to expand rapidly in the coming years.

The company is reportedly actively recruiting in
various departments, including sales, marketing, operations, and compliance. It aims to strengthen its presence in the American market and target US institutions with the new base.

Speaking about the new development, Jean-Marie
Mognetti, the Chief Executive Officer of CoinShares, said: “The
inauguration of our New York City Office marks a watershed moment in the
Company’s expansion into the US market, highlighting the growing significance
of digital assets within the global financial ecosystem.”

“Our expansion in the US not only augments our
capacity for synergistic engagement with American stakeholders but also
solidifies our position at the vanguard of the digital asset industry’s
evolution,” he continued. “This underscores our commitment to leadership and innovation in this
rapidly transforming sector.”

The launch of CoinShares’ New York office comes as the
firm builds on the success of its Valkyrie acquisition. Valkyrie’s portfolio of
ETFs, including the CoinShares Valkyrie Bitcoin Fund and the Miners ETF, has
significantly contributed to the firm’s US growth.

Following Valkyrie Acquisition

These products enabled CoinShares to increase its
global assets under management to $5.5 billion. The new US office will act as a
launchpad for future projects and offerings aimed at capitalizing on the
increasing demand for digital asset investments.

CoinShares recently released its financial results for the second quarter of 2024, highlighting strong performance during the
period. The company also announced a dividend following the successful recovery
of its FTX claim.

The filing, however, showed that FlowBank’s collapse negatively impacted its investments, offsetting a major part of its total
revenue. The firm’s asset management
revenue for Q2 was £22.5, more than doubling from £10.7 million in the same
period last year.

CoinShares’ income jumped to £25.8 million, up from
£5.3 million in the second quarter. Besides that, the adjusted EBITDA experienced significant growth, reaching £26.6 million from £11.4 million in the previous
quarter.

This article was written by Jared Kirui at www.financemagnates.com.