CoinShares Completes Napoleon Acquisition, Can Now Offer Products Across EU

Digital asset manager CoinShares (CS) has completed the acquisition of Napoleon Asset Management allowing it to offer its products and services across the European Union (EU).

• Paris-based Napoleon Asset Management is licensed by French regulator Autorité des Marchés Financiers (AMF) under the Alternative Investment Fund Manager (AIFM) directive, which gives passporting permission to market products and services across the EU.
• An AIFM license does not include authorization of the funds themselves – only passporting for the funds to be marketed cross-border within the EU.
• Jersey-based CoinShares entered into an agreement to purchase the broader Napoleon Group late last year for Euro 13.9 million ($14.5 million) in cash and stock. The acquisition of Napoleon AM however was subject to approval by the AMF, which was granted on June 28.
• CoinShares, which claims to be Europe’s largest digital asset firm, can now offer its exchange-traded products (ETPs) and other investment vehicles across the EU, giving it a much-needed source of extra revenue.
• The firm’s Q1 2022 earnings reported in May showed its income fall by 45% compared to a year earlier, a trend which may worsen given the sharp downturn in the crypto markets over the last month.

Read more: CoinShares’ Losses From Terra’s Slide Hit $21.4M