Valkyrie Secures $74 Million for its 2 Crypto Trusts

Alternative asset manager Valkyrie has raised $74 million for two of its crypto-focused trusts. This is according to a recent US Securities and Exchange Commission (SEC) filing.

The new funds join the firm’s $1.2 billion in assets under management at the end of the second quarter.

Both of Valkyrie’s trusts are designed to help traditional Investors looking to enter the cryptocurrency, NFTs, decentralized finance (DeFi) projects, decentralized apps (DApps), and other products on the Tron and Avalanche blockchain.

One of the trusts, the Valkyrie Tron Trust (VTRX), launched last year, affords investors exclusive access to Tron’s native token (TRX). It also offers staking options.

The Valkyrie Tron Trust raised $50 as per the SEC filing.

In May, Valkyrie launched its second cryptocurrency trust dubbed Valkyrie Avalanche Trust (VAVAX). This trust focuses on providing access to the Avalanche blockchain and its native token AVAX.

It charges a management fee of 2% with a minimum investment of $25,000. This trust secured about $24 million according to the reports.

Valkyrie is one of the leading investment managers to manage three ETFs in the US. Its Bitcoin Futures was also approved by the SEC last year.

Valkyrie expands into venture capital

Valkyrie, just like many other firms, has branched into venture capital to support early start-ups in the cryptosphere.

The financial services provider delved into venture capital with a $30 million fund focused on early-stage start-ups in Israel. It also employed Lluis Pedragosa, a veteran with experience in funding to lead its team.

With the funds, Valkyrie hopes to bridge the gap between web2.0 and web3.0. It plans to invest between $250,000 to $1 million in firms that aid the smooth running of crypto enterprises.

Aside from Valkyrie, Christie’s, a London art and luxury fashion house announced its debut in web3.0 with a venture arm dubbed Christie’s Ventures. The offshoot is dedicated to providing financial and expert support to fintech companies creating solutions relevant to the art market.

Christie’s Ventures made its first investment in LayerZero, a blockchain protocol that builds decentralized applications that are not limited by individual blockchain capabilities.