Elwood Technologies, the cryptocurrency company of hedge fund giant Allen Howard, sold its ETF index to CoinShares for $ 17 million.
According to the announcement from Coinshares Tuesday, the Acquisition will be settled through a share swap and is expected to close this week. CoinShares, Europe’s largest digital asset investment company managing a billion fortunes, will issue 1,298,322 new common shares at a price of $ 13.09 per share.
Elwood Technologies partnered with Invesco to launch Invesco Elwood Global Blockchain Equity UCITS ETF (Invesco Blockchain ETF) to provide exposure to international publicly traded companies that have assets of more than $ 1 since its inception in 2019 Billion US dollars.
The acquisition will not affect the trend of Invesco Blockchain ETF and Elwood Index. As part of the acquisition, Elwood’s equity research team, which is focused on digital assets, will also join CoinShares.
James Stickland, CEO of Elwood Technologies added:
“Elwood is proud to have created the Elwood Global Blockchain Equity Index. This transaction allows Elwood to focus on its core mission of providing world-class technology infrastructure for the digital asset market. We are excited about the opportunities in this rapidly growing area. “
Jean-Marie Mognetti also stated that as investment interest in thematic ETFs increases, this acquisition will mark another milestone for CoinShares. He expressed his expectation and welcomed Elwood’s index platform to join the CoinShares team.
Jean-Marie Mognetti said:
“As investors seeking exposure to cryptocurrencies as well as stocks that benefit from blockchain technology, the Elwood Index and Invesco are natural partners for CoinShares.”
Image source: coinshares.com