CoinShares to take over ETF provider billionaire Alan Howard

July 6, 2021

CoinShares to take over ETF provider billionaire Alan Howard

Digital asset manager CoinShares has agreed Elwood Technologies to acquire a blockchain ETF business with over $1bn in assets for $17m.

Elwood Technologies is owned by billionaire Alan Howard, whose fortune is estimated at $2.8bn.

Launched in 2019 with Invesco, the Elwood Global Blockchain Equity UCITS exchange-traded fund provided an opportunity to invest in a basket of shares in companies using distributed ledger technology (DLT).

No changes to the ETF's structure are expected. As of May 31, the fund had reached $1.5bn under management.

   "Investors are seeking access to cryptocurrencies as well as blockchain-enabled stocks. ETFs from Invesco and Elwood Technologies are an organic complement to CoinShares' products," said CEO Jean-Marie Mognetti.

As part of the deal, CoinShares will receive securities issued by subsidiary Elwood Asset Management Services Limited in exchange for 1,298,322 of its own common shares at a price of $13.09.

The buyer will take control of the intellectual property and existing contracts, including several new products under development.

CoinShares reported revenues of £17.1m ($23.7m) for the first quarter.

As a reminder, CoinShares and asset manager 3iQ Corp agreed in April to launch a bitcoin-ETF in Canada. The partners later received approval to list an exchange traded Ethereum-based fund on the TSX.

In June, CoinShares listed three physically-backed ETPs on Deutsche Börse.

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About the author

Hi there, my name is Zalman Weinberg. I'm enthusiast with over 7 years of experience in cryptocurrencies and blockchain. Professional Trader providing Blockchain solutions to Startups and Enterprises. Expert in all cryptocurrency exchange APIs (BitMEX, Bittrex, Binance, Bitfinex, Kraken, Poloniex, Gdax etc.). I have also worked with multiple Forex broker APIs.

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