CoinShares, Europe’s largest digital asset manager, has just announced it intends to buy the exchange-traded fund (ETF) business of Elwood Technologies, owned by popular hedge fund Alan Howard, The Block reports.
The transaction could reportedly amount to as much as $17 million.
Elwood, which was founded in 2018, rolled out with asset management company Invesco the Invesco Elwood Global Blockchain Equity UCITS ETF, aimed at providing investors with exposure to public companies whose business is related to blockchain technology.
According to sources, the agreement includes a share swap in which CoinShares will issue 1,298,322 new common shares at a price of $13.09 per share. In addition, Elwood’s equity research team will also join CoinShares.
The acquisition of the ETF business will help Coinshares expand its suite of products that offer the company clients passive exposure to cryptos.