Coinshares acquired Napoleon crypto SAS for $14.5 million and agreed to acquire the entire issued share capital at first so let’s have a closer look at today’s latest cryptocurrency news.
CoinShares is a major EU digital asset manager that is finalizing the acquisition of the fintech company Napoleon Group despite the ongoing market decline. CoinShares announced that the company acquired Napoleon Asset Management as a subsidiary of the Napoleon Group. CoinShares entered into the sales and purchase agreement to acquire the share capital at Napoleon Crypto SAS for $14.5 million back in 2021.
CoinShares acquired Napoleon and the deal came shortly after the French regulator authorized the acquisition of the company on June 28 with the company proceeding with the transaction pursuant to the terms that were set out in the group SPA back in June 2022. Paris-based Napoleon AM was launched after finishing an initial coin offering in 2018 and raising over $10 million in the sale of NPX tokens. The company received the alternative investment fund manager license which made it become the first EU asset manager to be financed by the ICO and incorporated under French law.
In late 2019, Napoleon AM launched a regulated BTC fund and now the acquisition allows Coinshres to offer AIFM-compliant products and services in addition to becoming the major issuer of exchange-traded products in Europe. The license enables the company to provide market services in the EU region, expanding the products with algorithmic trading and AI tools. The transaction is another piece of evidence that CoinShares continues to scale despite the market declines as the CEO Jean Marie Mognetti said:
“CoinShares continues to grow despite market conditions. The bear market is an opportunity to solidify positions and build new products and services.”
According to the CEO, having a regulated entity in CoinShares’ group is very important because it is one of the most demanding licenses:
“CoinShares has always been at the forefront of regulation, it is a strong advocate of regulation in the digital asset industry and has an extensive list of regulated products and services.”
The outflows for BTC-specific funds totaled $453 million and wiped off the inflows made over the past six months according to the CoinShares data. The funds measured are investment products that give traditional investors exposure to crypto without having custody of the said crypto. When investors buy a crypto-based fund and it is called inflows and is usually a sign of bullish sentiment. The opposite process when investors rotate out of these funds and call outflows and are often bearish.
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