The largest and longest-running digital asset investment firm in Europe, CoinShares, announced the acquisition of an additional 20.8% stake in Swiss-based FlowBank priced at CHF 24,740,000, approximately $26.5M.
According to the press release, the acquisition is approved by the Swiss Financial Market Supervisory Authority.
CoinShares now owns 29.3% overall holding in FlowBank, with voting rights equivalent to 32.06 %, thanks to an existing stake of 9.02 % purchased in October 2021.
CoinShares invested in FlowBank in order to reach out to a larger investor market looking for more advanced digital asset exposure.
FlowBank will be able to benefit and offer exposure to a number of digital assets to its clients and use CoinShares’ proprietary technology platform, Galata, which functions as a portal to the digital asset ecosystem.
FlowBank CEO Charles Henri Sabet noted, “This is only the beginning. We look forward to collaborating further with CoinShares in the coming months and taking our product offering to the next level, together.”
Upon the acquisition, CoinShares CEO Jean-Marie Mognetti will join the board of directors of FlowBank to assist on the company’s digital asset strategy and global expansion.
Mognetti stated, “We are very excited to increase our participation in FlowBank, a key innovative player in Switzerland powered by a unique technology, and allow them to leverage our technology and digital asset expertise. This is aligned with our strategic plan to make CoinShares an integrated digital asset fintech company.”
Just last month, crypto exchange Binance acquired a $200M stake in media firm Forbes, to assist Forbes with its digital asset and Web3 strategy. This move will also assist Forbes in carrying out its goal to go public and expand the reach of its brand.