CoinShares to Acquire the ETF Index of Elwood Technologies, Owned by Ellen Howard for $17M

Elwood Technologies, the cryptocurrency company of hedge fund giant Allen Howard, sold its ETF index to CoinShares for $17 million.

According to the announcement from Coinshares Tuesday, the acquisition will be settled by equity swap and expecting to be completed this week. CoinShares, Europe’s largest digital asset investment company under the management of one billion assets, will issue 1,298,322 new common shares at $13.09 per share.

Elwood Technologies cooperated with Invesco to launch the Invesco Elwood Global Blockchain Equity UCITS ETF (Invesco Blockchain ETF) to provide exposure to international listed companies, accumulating more than $1 billion in assets since its establishment in 2019.

The acquisition will not affect the trend of Invesco Blockchain ETF and Elwood Index. As part of the acquisition, Elwood’s equity research team focusing on digital assets will also join CoinShares.

Elwood Technologies’s CEO James Stickland added that:

“Elwood is proud to have created the Elwood Global Blockchain Equity Index. This transaction enables Elwood to focus on its core mission to provide world class technology infrastructure for the digital assets market. We are very excited about the opportunities in this rapidly growing area.”

Jean-Marie Mognetti also stated that as people’s investment interest in thematic ETFs increases, this acquisition will be another milestone for CoinShares. He expressed his expectation and welcomed Elwood’s index platform to join the CoinShares team.

Jean-Marie Mognetti said that:

“With investors seeking exposure to cryptocurrencies as well as equities benefiting from blockchain technology, the Elwood Index and Invesco are natural partners for CoinShares.”

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