![CoinShares Set To Aquire Elwood’s, Blockchain Focused, ETF Index for $17 million](http://bitcoinworld.co.in/wp-content/uploads/2021/07/CoinShares-Set-To-Aquire-Elwoods-Blockchain-Focused-ETF-Index-for-17-million.jpg)
CoinShares, a European digital asset manager, recently made a significant announcement. The announcement was regarding, CoinShares quiring the ETF index business from Elwood Technologies for $17. According to the announcement, the transaction is set to be complete by the second week of July.
Elwood Technologies
Elwood is a crypto firm owned by prominent billionaire hedge fund manager Alan Howard. It partnered with Invesco launching the Invesco Blockchain ETF back in 2019. The ETF provided much-needed exposure for internationally listed companies in the realm of blockchain. Due to this, they amassed over a billion dollars in assets.
The Aim Of This Collaboration
According to the announcement, the purchase will not affect both Elwood Index and the Invesco Blockchain EFT. Moreover, Elwood’s digital asset-focused equities and the research team will join CoinShares. Bridging the gap between traditional asset management and crypto-assets is what this collaboration aims at. Therefore providing better connectivity with global players.
The Transaction Process
An equity swap will be required to settle the transaction between these two companies. So, CoinShare will issue 1,298,322 new ordinary shares with the price of $13.09 per share. In conclusion, this will total out to almost $17 million.
Good Relations
CoinShares and Elwood have had a pretty good relationship over the years. The owner of Elwood, Alan Howard, is a major investor in CoinShares. Among the talks of buying ETFs, CoinShares CEO Jean-Marie Mognetti emphatically declared Elwood Index and Invesco as “natural partners” for CoinShares.
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