Crypto asset manager CoinShares (CS) exercised its option to buy the exchange-traded fund (ETF) unit of Nashville, Tennessee-based Valkyrie Investments, adding a U.S. arm the day after spot bitcoin ETFs debuted in the country.

CoinShares, based in Saint Helier, Jersey, secured the option on Valkyrie Funds in November and said on Friday the decision to exercise it was a direct result of the Securities and Exchange Commission’s (SEC) approval of the listing of spot bitcoin ETFs, including Valkyrie’s Bitcoin Fund (BRRR).

The ETFs’ debut on Thursday saw $4.6 billion notched up in trading volume, with BRRR accounting for $9.3 million. Bitcoin surged to over $49,000 briefly after the start of trading, then sank as low as $45,700 as the initial euphoria wore off.

“Our expertise has enabled us to dominate the European market, commanding over 40% of all assets under management in crypto ETPs. Exercising our option to acquire Valkyrie Funds aims at extending our European success in the U.S.,” CEO Jean-Marie Mognetti said in a statement.

The acquisition will add around $110 million to CoinShares’ existing assets under management (AUM) of $4.5 billion. As well as the newly approved spot fund, CoinShares gains the Bitcoin and Ether Strategy ETF (BTF) and the Bitcoin Miners ETF (WGMI).

Financial terms for the acquisition, which is subject to satisfactory due diligence completion, were not disclosed.

CoinShares’ Nasdaq Stockholm-listed shares fell 1.83% to 40.15 Swedish krona ($3.91).

Read More: Bitcoin ETFs Stir Optimism, Ambivalence and Dread Among Crypto’s Staunchest Supporters

UPDATE (Jan. 12, 11:23 UTC): Adds the locations of CoinShares and Valkyrie, CS share price, context of bitcoin ETFs’ debut, CEO quote.

Edited by Sheldon Reback.