EU-based digital asset management firm Coinshares is reportedly planning to complete the $17 million acquisition of the exchange-traded fund (ETF) index business from crypto entity Elwood Technologies. 

Specifically, the transaction – commenced to be finalized in the 2nd week this month – will reportedly complete the settlement through an equity swap. 

With a price of $13.09 for every share, CoinShares will reportedly carry out the issuance of 1,298,322 new ordinary shares, with the overall value reaching $17 million.

As included in the scope of the purchase, Elwood’s crypto asset-centric equity research team will further become a part of CoinShares. The acquisition had no effect on the Elwood Index and the Invesco Blockchain ETF. 

The newly formed alliance reportedly has a goal of establishing a bridge between traditional asset management and crypto, as well as offering enhanced connectivity with international institutional entities for both sides.

Elwood – which is in the possession of billionaire hedge fund manager Alan Howard – is reportedly acknowledged widely for its alliance with Invesco, to roll out the Invesco Elwood Global Blockchain Equity UCITS ETF, offering exposure to firms with global listings across the blockchain sphere. The index has accumulated more than $1 billion in assets since its inception in 2019.

Head of CoinShares – Jean-Marie Mognetti – reportedly regarded the Elwood Index and Invesco as “natural partners” for CoinShares, when talking about developing interest thematic ETFs are gathering. 

“We believe that blockchain technology and crypto assets will continue to evolve and play an increasingly significant, mainstream role across business, finance, and society,” Invesco EMEA ETFs head Gary Buxton further remarked.