The potential acquisition comes as Valkyrie’s spot bitcoin ETF awaits potential approval by the SEC.

CoinShares, a European digital asset manager with $3.2 billion in assets under management, has secured the strategic option to acquire the exchange-traded fund (ETF) unit of asset manager Valkyrie Investments in the latest step of its U.S. expansion, according to an announcement post.

The potential purchase price wasn’t disclosed, and the option will expire on March 31 if a deal isn’t struck by then.

The option gives Jersey-headquartered CoinShares the right to purchase 100% of the Nashville, Tenn.-based Valkyrie Funds and all the associated rights with the pending Valkyrie Bitcoin Fund, and any other currently unlaunched ETF. The deal is subject to regulatory approvals, due diligence and the completion of legal agreements.

Read More: Valkyrie Delays Adding Ethereum Futures to ETF

CoinShares also signed a brand licensing agreement on Valkyrie’s products, which means that the spot bitcoin ETF and future filings will also bear the CoinShares name. While crypto spot exchange-traded products have been available in Europe since 2015, Valkyrie is among several companies waiting for the U.S. Securities and Exchange Commission (SEC) to potentially approve the funds stateside.

“The option to acquire Valkyrie is accelerating our expansion into the U.S. market and the deployment of our digital asset management expertise globally,” said CoinShares CEO Jean-Marie Mognetti in the announcement post.

”Valkyrie Fund’s deep understanding of the U.S. market and track record of developing investment products for crypto exposure aligns perfectly with our vision and operational ethos. CoinShares is looking forward to exploring this acquisition option and bringing, with the know-how of Valkyrie’s founders, premier digital asset products to American investors,” he continued.