CoinShares had previously agreed to purchase the entire Napoleon Crypto SAS share capital for $14.5million in November 2021. CoinShares, a major European digital asset manager, is closing the acquisition of Napoleon Group, a French fintech company despite continuing market decline.
CoinShares has announced that it had acquired Napoleon Asset Management (a digital asset management subsidiary) of Napoleon Group.
CoinShares previously entered into an agreement to sell and purchase the entire Napoleon Crypto SAS share capital for 13.9 million euros ($14.5million) in November 2021.
This latest acquisition was made shortly after French financial regulator, Autorite des Marches Financiers (AMF) approved the acquisition of Napoleon AM. CoinShares then proceeded to complete the transaction according to the terms laid out in the group SPA of June 2022.
Napoleon AM, a Paris-based company, was founded after completing an initial coin offer (ICO) in late 2018. This raised more than $10 million through the sale NPX tokens. The company was granted the license of alternative investment fund manager (AIFM), and it became the first European asset manager to be financed through an ICO. It is also incorporated under French law.
Napoleon AM launched the Napoleon Bitcoin Fund in late 2019.
CoinShares will now be able to offer AIFM-compliant services and products, as well as being a major European issuer of crypto-exchange-traded products. This license allows the firm to offer market services throughout the European Union. It also expands CoinShares’ product offerings with algorithmic trading as well as artificial intelligence tools created by Napoleon AM.
Jean-Marie Mognetti, CoinShares CEO, stated that the transaction was yet another evidence that CoinShares continues to scale despite continuing market decline.
“CoinShares continues its growth despite the market conditions. The bear market offers an opportunity to strengthen positions and create new products and services.
The CEO stated that having an AIFM-regulated entity within CoinShares’ group was important because it is “one of most difficult licenses.”
Mognetti said that CoinShares is at the forefront in regulation and that it has a long list of regulated products.
