After AMF Approval, CoinShares Now Owns Napoleon Asset Management Firm
- Last November, Coinshares agreed with Napoleon to purchase all its share capital for $14.5 million.
Europe’s oldest crypto investment company, CoinShares can now provide its products in any European nation following its recent purchase of Napoleon asset management (Napoleon AM).
Napoleon AM was licensed in march 2019 under the AIFM directive. It was among the first asset management companies to have such a license. Coinshares’ purchase of Napoleon comes amidst the rising crypto winter.
CoinShares Market Expansion
This purchase comes after CoinShares purchased all shares issued by the Napoleon AM group last November. More importantly, it aligns with Coinshares’ goal of becoming a fully-fledged crypto investment and service company operating under a stable regulatory policy.
As a vocal supporter of crypto regulation, most Coinshares’ offerings are regulated. Most crypto-asset managers usually struggle to obtain an operating license from the AIFM as the process is very rigorous.
Hence, one of the key factors Coinshares purchased Napoleon AM was because of its latter’s AIFM license. Also, this purchase further establishes Coinshares’ leadership position as a crypto asset manager. After this purchase, the company can start offering products that comply with the AIFM policies.
It is an achievement that will add to Coinshares’ position as a leader in the issuance of crypto ETPs. With an AIFM license, CoinShares can provide its services/products across Europe. The company will also leverage the tools developed by Napoleon.
One such tool is the AI tool for better investment strategies. Coinshares’ purchase of Napoleon AM follows approval from the AMF last Wednesday. AMF is France’s top financial watchdog. Consequently, CoinShares completed the transaction as contained in the sales and purchase agreement (SPA) reached with Napoleon AM last month.
Side Notes
The Paris-based digital asset management firm began operations four years ago after generating more than $10M from the ICO sales of its NPX tokens. Napoleon AM was one of the first Europe-based asset managers funded by an ICO with its incorporation in France.
The asset management firm launched its napoleon bitcoin fund a year after its operations. This purchase proves CoinShares’ solid finances as the crypto market downturn continues. While many crypto firms are laying off staff and halting crypto-based investments, Coinshares is expanding its business.
In his reaction to the investment, CoinShares’ CEO said, the company sees the current market downturn as a chance to consolidate its dominance in the crypto industry. He further noted that it would enable them to expand and introduce new products and services to the market.
Mognetti also said the current market conditions are one of the reasons CoinShares has largely supported the regulation of the crypto industry. “The crypto space can’t grow without a solid regulatory policy.”
Rebecca is a Senior Staff Writer at BitcoinWisdom, working hard to bring you the latest breaking news in the cryptocurrency market. In the words of Elon Musk “Buy stock in several companies that make products & services that *you* believe in. Only sell if you think their products & services are trending worse. Don’t panic when the market does. This will serve you well in the long-term.”
