CoinShares CEO believes that the downfall of crypto is a great "opportunity to solidify positions and build new products and services."
Europe’s significant digital asset manager CoinShares (CS) has recently announced that it acquired Paris-based organization Napoleon Asset Management, following the recent purchase of the whole issued share capital in Napoleon Crypto SAS for 13.9 million euros, estimated at around $14.5M.
According to the official announcement issued on July 4th, with the acquisition, primarily authorized on June 28th, CS will now be able to offer its exchange-traded products (ETP) and market services across the European Union (EU).
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Back in 2019, Napoleon Asset Management, licensed by the French financial regulator Autorité des Marchés Financiers (AMF), fired up a Bitcoin (BTC) fund dubbed the Napoleon Bitcoin Fund.
Although CoinShare’s first-quarter earnings report displayed that its income fell almost 50% when compared to last year, Jean-Marie Mognetti, the CEO of CoinShares, noted that the company will remain strong despite the current harsh crypto market conditions.
On top of that, according to Mognetti, the bear market is a perfect opportunity for introducing and rolling out new products and services. She added:
“CoinShares has always been at the forefront of regulation, it is a strong advocate of regulation in the digital asset industry and has an extensive list of regulated products and services.”
Likewise, CEO of Napoleon Asset Management Jean-Charles Dudek mentioned that the two crypto-driven organizations have been long partners and the latest acquisition will boost their relationship even more.
On another note, back in March, CoinShares purchased a 20.28% stake in Swiss online bank FlowBank, worth over CHF 24,7M (approximately $26.5M), increasing its holding to 29.3%.
