CoinShares, a major European digital asset manager, is closing the acquisition of Napoleon Group, despite continuing market decline.
CoinShares announced that it had acquired Napoleon Asset Management (a digital asset management subsidiary) of Napoleon Group on July 4.
CoinShares had previously entered into an agreement to sell and purchase the entire Napoleon Crypto SAS share capital for 13.9 million euros ($14.5million) in November 2021.
This latest acquisition was made shortly after French financial regulator Autorite des Marches Financiers (AMF) approved the acquisition of Napoleon AM. CoinShares then proceeded to complete the transaction according to the terms laid out in the group SPA of June 2022.
Napoleon AM, a Paris-based company, was founded after completing an Initial Coin offering (ICO) in late 2018. This raised over $10 million through the sales of NPX tokens. The company has been granted the Alternative Investment Fund Manager license (AIFM), and is now one of the first European asset mangers to be financed through an ICO. It was also incorporated under French law.
Napoleon AM launched the Napoleon Bitcoin Fund, a Bitcoin (BTC), regulated fund in late 2019.
CoinShares can now offer AIFM-compliant products, services, and be a major European issuer of crypto-exchange-traded products. This license allows the firm to offer market services throughout the European Union. It also expands CoinShares’ product offerings with algorithmic trading, and artificial intelligence tools that Napoleon AM has developed.
Jean-Marie Mognetti, CoinShares CEO, stated that the transaction was yet another evidence that CoinShares continues to scale despite continuing market decline.
“CoinShares continues its growth despite the market conditions. The bear market offers an opportunity to strengthen positions and create new products and services.
The CEO stated that having an AIFM-regulated entity within CoinShares’ group was important because it is “one of most difficult licenses.”
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Mognetti said that CoinShares is at the forefront in regulation and is a strong advocate for regulation in the digital assets industry. He also added that CoinShares has a long list of regulated products.