Major European digital asset manager CoinShares is finalizing the acquisition of French fintech company Napoleon Group, despite continued market decline.
CoinShares announced on July 4 that it has acquired Napoleon Asset Management, a digital asset management subsidiary of Napoleon Group.
CoinShares previously entered into a sale and purchase agreement (SPA) to acquire all of the issued share capital in Napoleon Crypto SAS for €13.9 million ($14.5 million) in November 2021.
The latest acquisition came shortly after French financial regulator Autorité des Marchés Financiers (AMF) cleared the takeover of Napoleon AM on June 28. Subsequently, CoinShares proceeded with the transaction in accordance with the terms established in the SPA of the group on June 20.
Paris-based Napoleon AM launched after completing an Initial Coin Offering (ICO) in late 2018, raising over $10 million through the sale of NPX tokens. The firm has received the Alternative Investment Fund Manager (GFAI) license and has become one of the first European asset managers financed by an ICO and incorporated under French law.
In late 2019, Napoleon AM launched a regulated Bitcoin (BTC) fund, the Napoleon Bitcoin Fund.
The acquisition of Napoleon AM enables CoinShares to offer AIFM-compliant products and services, as well as being a major issuer of cryptocurrency exchange-traded products in Europe. The license allows the company to provide market services throughout the European Union, extending CoinShares products with algorithmic trading tools and artificial intelligence developed by Napoleon AM.
The transaction is further proof that CoinShares continues to scale despite the continued market decline, CoinShares CEO Jean-Marie Mognetti told Cointelegraph:
“CoinShares continues to grow despite market conditions. The bear market is an opportunity to solidify positions and build new products and services.”
According to the CEO, having an entity regulated by the AIFM in the CoinShares group is important because it is “one of the most demanding licenses”.
“CoinShares has always been at the forefront of regulation, is a strong advocate for regulation in the digital asset sector, and has an extensive list of regulated products and services,” Mognetti added.
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