As a seasoned analyst with over two decades of experience in the financial markets, I can confidently say that this strategic move by Kaiko to acquire Vinter is a shrewd one. The synergy between these two entities, each bringing their unique expertise to the table, will undoubtedly position them as a formidable force in the rapidly expanding cryptocurrency market.
The data and analytics company Kaiko, specializing in cryptocurrency markets, has bought out Vinter, a regulated European provider of crypto indices. Both entities have been working together previously, and this acquisition will help them strengthen their market position while offering improved services to asset managers and those who sell digital assets (referred to as “sell-side” participants).
The synergy of combined expertise
Winter is a benchmark administrator who is registered with the European Securities and Markets Authority. They offer services related to exchange-traded products (ETPs) on various international exchanges such as Switzerland’s SIX, Nasdaq, Euronext, Deutsche Boerse Xetra. On the other hand, Kaiko primarily serves the derivatives industry, offering services for CBOE, Gemini, EDX, and Bitwyre exchanges.
By working together, these companies can generate value by leveraging the interplay between their derivative and asset management systems, as suggested in an official announcement. In his own words, Vinter CEO Jacob Lindberg stated:
“Combining Kaiko and Vinter marks the creation of an undisputed leader for crypto data and indexing.”
As an analyst, I can confirm that while specific details about the value of our deal with Vinter remain undisclosed, credible sources like Reuters have reported that this partnership confers a valuation of approximately $200 million on our company, Kaiko.
Betting on a growing market
For Vinter, the agreement represents a strong commitment to the European Exchange-Traded Product (ETP) market, according to Kaiko CEO Ambre Soubiran. Data from Reuters indicates that the European ETP market in Germany, Sweden, and Switzerland manages approximately $13.64 billion in assets, which is significantly less than the $88.78 billion managed by U.S. ETPs.
Kaiko, being Kaiko’s third and most significant takeover, obtained Kesitys in 2022, a company that offers quantitative decision tools for optimizing risk in cryptocurrency markets. This was followed closely by the acquisition of Napoleon Index from CoinShares, a European alternative asset manager, a few months later. Concurrently with the acquisition of Napoleon Index, Kaiko Indices were introduced.
It’s quite apparent why Kaiko feels assured about Europe: This year, 21Shares has introduced a Toncoin (TON) ETF on SIX, Valour has released an ETP for Near Protocol’s NEAR (NEAR) in Sweden, and 21Shares has launched an Injective (INJ) ETP with staking on Euronext.
On November 12th, Bitwise introduced an Exchange-Traded Product (ETP) for staked Aptos (APT). However, it’s important to note that staking is not permitted within ETPs in the United States.
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2024-11-13 00:47