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CoinShares is in the final stages of acquiring Napoleon Asset Management, the digital asset management subsidiary of Napoleon Group, according to an announcement from the firm.
The July 4 announcement also revealed that the London-based digital asset management firm previously agreed to a sale and purchase agreement (SPA) to buy out Napoleon Crypto SAS’s total issued share capital for 13.9 million euros ($14.5 million) in November 2021.
The latest acquisition by CoinShares will allow it to offer AIFM-compliant products and services alongside being a significant issuer of crypto Exchange Traded Products (ETPs) in Europe. CoinShare can now enhance its offering within the European Union leveraging active investment strategies based on algorithmic trading and artificial intelligence for digital assets built by Napoleon Asset Management quants teams.
The latest deal reportedly aligns with CoinShares’ objective of becoming a full-service digital asset investing and trading group within a strong regulatory framework and comes after the company bought the Napoleon Group in December last year.
“After the recent events in the digital asset sector, it has never been clearer that strong regulation is needed for crypto to thrive. Bringing the company into our group is a further step in the right direction toward investor protection. We are one of the most regulated digital asset investment firms in the industry. Our regulated status in a growing number of jurisdictions is one of CoinShares’ principal strengths,” Jean-Marie Mognetti, CEO of CoinShares, stated after the announcement.
Mognetti added that CoinShares continues to grow regardless of the current market conditions and described the bear market as an opportunity to solidify positions and build new products and services. Its current products and services include Exchange Traded Products, Active Strategies, Advisory Services, Capital Markets, and Index Strategies.
Jean-Charles Dudek, CEO of Napoleon Asset Management, speaking on the latest deal stated: “We have continued to build upon the synergies between our two businesses since CoinShares acquired the Napoleon Group last December. The integration of Napoleon Asset Management into the group was anticipated at that time but necessarily needed to await consideration by and approval of the change of control by the AMF.”
France-based Napoleon AM was launched following the completion of an Initial Coin Offering (ICO) in 2018, raising over $10 million through the sale of NPX tokens. The fintech firm has received the Alternative Investment Fund Manager (AIFM) license and became one of the first European asset managers to be financed by an ICO and incorporated under French law.
Napoleon AM launched a regulated Bitcoin (BTC) fund, the Napoleon Bitcoin Fund, in 2019.