CoinShares, one of Europe’s largest cryptocurrency asset managers, has secured the option to acquire exchange-traded funds from competitor Valkyrie, which is preparing a spot Bitcoin fund that’s awaiting regulatory approval.

The move gives St. Helier, Jersey-based CoinShares the right to buy the entirety of Valkyrie’s funds division, including ETFs that have pending applications but haven’t yet launched. Valkyrie currently runs a Bitcoin-and-Ether-futures ETF as well as a fund based on Bitcoin miners, which — with a more than 100% gain — is one of the best-performing non-leveraged equities ETFs this year. The two funds have total assets of around $57 million, according to data compiled by Bloomberg.