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CoinShares, Europe’s largest cryptocurrency investment firm, recorded approximately $42 million USD profit in Q4 2023.
The firm further explained its intention to expand services across Europe this year and enter the US market through asset management firm Valkyrie. CoinShares recently exercised its option to acquire Valkyrie.
“As we move into 2024, our focus is firmly set on consolidating our leadership in Europe and expanding our reach in the US market through the Valkyrie partnership by building a strong product platform.”
The United States Securities and Exchange Commission (SEC) recently approved Valkyrie as one of 11 spot Bitcoin exchange-traded fund (ETF) applicants. CoinShares’ decision to acquire the firm was influenced by the SEC’s favorable ruling
Meanwhile, CoinShares also reported that it currently has the equivalent of $5.87 billion USD in total assets under management (AUM).
CoinShares Records Profit Amidst Widespread Crypto Adoption in Europe
This follows rapid expansion in the crypto industry in Europe. Most recently, BeInCrypto reported that Binance’s recent survey indicates a strengthening adoption of crypto in Europe.
Meanwhile, as crypto adoption surges in Europe, regulators are imposing strict regulations on Bitcoin mining within the region.
On January 31, crypto environmentalist and venture capital investor Daniel Batten shared a section of a report by the European Commission highlighting its plans to curtail crypto.
“While we were sleeping, the European Commission has been creating a report which they plan to label Bitcoin environmentally harmful, a threat to EU energy security, and a haven for financial criminals.”
Meanwhile, global crypto exchanges continue to eye up different parts of Europe that they can expand into.
On February 9, crypto exchange Kraken announced that it obtained a Virtual Asset Service Provider (VASP) registration from the Dutch Central Bank (DCB) in the Netherlands.
