CoinShares acquires French crypto asset manager Napoleon AM

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Leading European digital asset manager CoinShares is finalizing its acquisition of French fintech firm Napoleon Group, despite the ongoing market slump.

CoinShares announced on July 4 that the firm had acquired Napoleon Asset Management, the digital asset management subsidiary of Napoleon Group.

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CoinShares previously entered into a sale and purchase agreement (SPA) in November 2021 to acquire the entire issued share capital in Napoleon Crypto SAS for 13.9 million euros ($14.5 million).

The latest acquisition comes soon after the French financial regulator, the Autorit des Marches Financiers (AMF), authorized the acquisition of Napoleon AM on 28 June. CoinShares subsequently proceeded with the transaction in June 2022 as per the terms set out in the Group SPA.

Paris-based Napoleon AM was launched in late 2018 after completing an initial coin offering (ICO), raising over $10 million through the sale of NPX tokens. The firm has obtained an Alternative Investment Fund Manager (AIFM) license and has become one of the first European asset managers to be funded by an ICO and incorporated under French law.

In late 2019, Napoleon AM launched a regulated bitcoin (BTC) fund, the Napoleon Bitcoin Fund.

The acquisition of Napoleon AM allows CoinShares to offer AIFM-compliant products and services, in addition to being the major issuer of crypto exchange-traded products in Europe. The license enables the firm to provide market services throughout the European Union, expanding CoinShares’ offerings with algorithmic trading and artificial intelligence tools developed by Napoleon AM.

CoinShares CEO Jean-Marie Mognetti told Cointelegraph, the transaction is yet another proof that CoinShares continues to scale despite the market slump:

“CoinShares continues to grow regardless of market conditions. Bear markets are an opportunity to consolidate positions and build new products and services.”

According to the CEO, having an AIFM-regulated entity in CoinShares’ group is important because it is “one of the most sought-after licenses.”

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“CoinShares has always been at the forefront of regulation, is a strong proponent of regulation in the digital asset industry and has an extensive list of regulated products and services,” said Mognetti.