Europe’s largest crypto asset supervisor, CoinShares, is set to accumulate the exchange-traded fund (ETF) business of Elwood Applied Sciences, which is owned by hedge fund heavyweight Alan Howard, for $ 17 million.
Elwood was founded in 2018 and, together with Invesco, the asset administration agency, launched the Invesco Elwood International Blockchain Fairness UCITS ETF, which aimed to provide buyers with advertising to listed companies generating income through the blockchain expertise. The index has amassed over $ 1 billion in assets under administration since its launch in 2019.
The transaction, which was announced this morning, will be settled through an equity swap, for which CoinShares will challenge 1,298,322 new particular shares valued at $ 13.09 per share. Elwood’s equity analysis team will even be part of CoinShares as part of the deal.
The Block revealed in June that Elwood has moved away from fund administration to focus on software. Elwood is now promoting itself as “a one-stop-shop of expertise to enable institutions matching neobanks, fintechs and asset managers to enter and market crypto goods through exchanges and liquidity providers with only one API “, according to an individual close to the company.
Howard, who owns Elwood, is also the fourth largest shareholder in CoinShares with a place that, as of March of this year, was costing around $ 61.5 million.