Cryptocurrency market data and analytics provider Kaiko has acquired regulated European crypto index provider Vinter. The organizations already collaborate, and together they will solidify their place on the market and better serve asset management and “sell-side” participants.
The synergy of combined expertise
Vinter is a benchmarks administrator registered with the European Securities and Markets Authority. It provides services for exchange-traded products (ETPs) on Switzerland’s SIX, Nasdaq, Euronext and the Deutsche Boerse Xetra exchanges. Kaiko serves the derivatives industry. It provides services to the CBOE, Gemini, EDX and Bitwyre exchanges.
The companies’ combined coverage will allow them to create value through the synergies between the derivatives and asset management ecosystems, according to a company statement. Vinter CEO Jacob Lindberg said:
“Combining Kaiko and Vinter marks the creation of an undisputed leader for crypto data and indexing.”
The value of the deal with Vinter was not disclosed, but Reuters said it gives Kaiko a valuation of $200 million.
Betting on a growing market
The deal for Vinter is “a clear bet on the European ETP market,” Kaiko CEO Ambre Soubiran said. Reuters cites data showing the ETP market in Germany, Sweden and Switzerland as having around $13.64 billion in assets under management (AUM), which compares with about $88.78 billion AUM for United States ETPs.
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Vinter is Kaiko’s third and largest acquisition. The company acquired Kesitys, a provider of quantitative decision tools for risk optimization in cryptocurrency markets, in 2022. That was followed a few months later by the acquisition of Napoleon Index from European alternative asset manager CoinShares. Kaiko Indices were launched simultaneously with the acquisition of Napoleon Index.
Source: Kaiko
The reason for Kaiko’s confidence in Europe is easy to see. This year, 21Shares launched a Toncoin (TON) ETP on SIX. Valour launched an ETP for Near Protocol’s NEAR (NEAR) in Sweden and 21Shares launched an Injective (INJ) ETP with staking on Euronext.
On Nov. 12, Bitwise launched an ETP for staked Aptos (APT). Staking is not allowed in ETPs in the United States.
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