Valkyrie, an alternative investment firm, has filed a new document with the U.S. Securities and Exchange Commission (SEC). According to the filing, it added $73.6 million in fresh capital to two of the crypto-focused trusts. The added altcoins are not popular cryptocurrencies such as BTC, ETH. Valkyrie had $1.2 billion in assets under management at the end of the second quarter. Here are the details…
ETH, not BTC, money went into these funds
New SEC filings showed investment firm Valkyrie has made additional sales to trusts Tron and Avalanche. The oldest of the two funds was launched last year. But recent growth shows that traditional finance continues to flow into the crypto industry despite the bear market. Valkyrie Tron Trust, which provides accredited investors with access to the TRON (TRX) cryptocurrency, was at $57 million in July 2021. Now it’s down to just $50 million.
Valkyrie Avalanche Trust, which also offers a form of investment in the Avalanche (AVAX) token, first appeared in an SEC filing in January. However, the first sale had not yet taken place. The Trust has now raised approximately $24 million. It fell just under $25 million in May. A Valkyrie spokesperson used the following statements:
Tron has gained significant traction because the Tron network continues to see continued transaction growth, including stablecoins. In addition, investors familiar with the Asia-Pacific region began to draw attention. Avalanche also announced an agreement with Securitize to tokenize a part of a private equity fund on KKR’s Avalanche Blockchain. Including developments like these are gaining significant increasing acceptance.
SEC approves Valkyrie’s BTC futures ETF
Based in Nashville, Tennessee, Valkyrie offers eight protocol-focused trusts. In addition, a decentralized finance (DeFi) hedge fund offers three Nasdaq-listed exchange-traded funds (ETFs). Finally, a protocol showcases treasury management to investors. In May, the SEC approved Valkyrie’s XBTO Bitcoin Futures Fund. Two months later, the firm announced it had moved into venture capital with a planned $30 million funding focused on early-stage startups in Israel.
Valkyrie closed an $11 million strategic funding round backed by traditional finance giants BNY Mellon and Wedbush in July. The firm said financing is driven more by strategic partnerships than equity. Meanwhile, the prices of AVAX and TRX, which are the subject of these trusts, are on the red board. AVAX is changing hands at $18.07, down 4.9 percent in the last 24 hours. TRX is down 1% at $0.0611. As we reported on Kriptokoin.com, the decline in Bitcoin
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