Wave Financial Acquires Geneva Based Criptonite Asset Management
- SEC regulated digital asset investment manager makes first acquisition in Europe -
- Acquisition paves the way for further expansion by Wave Financial globally -
LOS ANGELES and LONDON, Sept. 1, 2022 /PRNewswire/ -- Wave Financial LLC (Wave), the SEC regulated digital asset investment management company, is pleased to announce that it has acquired a minority stake in FINMA regulated Swiss based crypto investment manager Criptonite Asset Management. This is the first step of a planned full acquisition, subject to regulatory approval, expected to be completed by the end of 2022.
The acquisition follows the strategic partnership between the two companies back in 2021 and Criptonite's launch of several Actively Managed Certificates (AMCs) of Wave Financial's flagship digital asset funds in Europe, including the Wave Bitcoin Income & Growth and NFT funds. By acquiring Criptonite, Wave will be able to take advantage of increasing demand for regulated digital asset investment fund products in Europe.
Matteo Dante Perruccio, President International at Wave Financial said:
"We have seen unprecedented demand from institutional and other accredited investors for professionally managed digital asset funds in Europe. There seems to be a flight to quality taking place, so it makes sense to take our relationship with Criptonite to the next level. They share our strong focus on risk management and compliance and have been a fantastic partner over the past twelve months and we are excited to be solidifying that relationship."
"This acquisition is Wave Financial's first outside the US, but will not be our last as we are actively looking for other partners to bring our diverse set of digital asset funds and solutions to accredited investors around the world."
David Siemer, Co-Founder and CEO at Wave Financial said:
"As a SEC regulated digital asset management firm, which has demonstrated strong risk management in successfully navigating the recent market disruptions, we believe Wave is in the perfect position to leverage its strong balance sheet. This bear market is an opportunity for us to continue to grow and expand, both organically and by acquiring crypto asset managers. Wave is in discussions with several asset managers, exchanges and lenders, as we look to expand our footprint in Europe and beyond."