Valkyrie, an alternative investment firm that had $1.2 billion in assets under management at the end of the second quarter, added $73.6 million in fresh capital to two of its crypto-focused trusts, according to amended filings with the United States Securities and Exchange Commission (SECOND).
The older of the two funds launched last year, but recent growth indicates that traditional finance has continued to flow into the crypto industry despite the bear market.
The Valkyrie Avalanche Trust, providing exposure to the AVAX (AVAX) token, first appearing in a January SEC filing, but the first sale had not yet taken place. Trust has now raised nearly $24 million, a little short of the $25 million announced by Valkyrie in May that he had lined up for the then newly announced trust.
“Tron has grown in popularity as the Tron network continues to see continued transaction growth, including for stablecoins, and investors familiar with the Asia-Pacific region have begun to take notice,” a spokesperson said. from Valkyrie to CoinDesk in an email. “Avalanche is also seeing increased adoption at a substantial rate, including earlier this week when KKR announced an agreement with Securitize to tokenize part of a private equity fund on the Avalanche blockchain.”
Nashville, Tennessee-based Valkyrie offers eight protocol-focused trusts, a decentralized finance (DeFi) hedge fund, three Nasdaq-listed exchange-traded funds (ETFs), and a protocol cash management firm. In May, the SEC Approved Valkyrie’s XBTO Bitcoin Futures Fund. Two months later, the company announced his move in venture capital with a planned $30 million fund focused on early-stage startups in Israel.
Valkyrie closed a $11 million strategic funding round in July supported by traditional finance heavyweights BNY Mellon and Wedbush. The company said the funding was driven more by strategic partnerships than capital.