According to updated filings with the U.S. Securities and Exchange Commission (SEC), alternative investment firm Valkyrie, which had $1.2 billion in assets under management at the end of the second quarter, has invested $73.6 million in two of its crypto-focused trusts.
Last year, the older of the two funds was launched. But, recent growth shows that traditional financing has kept flowing into the crypto business in spite of the bear market.
From a meager amount of $57 in sales back in July 2021, the Valkyrie Tron Trust — which provides certified investors an access to the TRX cryptocurrency — has already been raised to just under $50 million.
The Valkyrie Avalanche Trust, providing exposure to the AVAX token, originally surfaced in a SEC filing in January, but no sales had yet taken place. As of recently, the trust has raised close to $24 million, falling just shy of the $25 million that Valkyrie claimed it had reserved for the recently announced trust.
An email from a Valkyrie spokesperson stated: “Tron has gained significant traction because the Tron network continues to see continued transaction growth, including for stablecoins, and investors familiar with the Asia-Pacific region have started taking notice.”
The spokesperson added that Avalanche is also experiencing increased adoption at a considerable rate. This includes the time when KKR and Securitize announced a deal that tokenise a piece of private equity fund on the blockchain earlier this week.
The SEC approved Valkyrie’s XBTO Bitcoin Futures Fund in May. The firm announced two months later that it has entered venture capital with a $30 million fund aimed at Isreali entrepreneurs in their early stages.
In July, Valkyrie closed a $11 million round of strategic fund supported by BNY Mellon and Wedbush, two giants of traditional finance. According to the company, strategic partnerships — instead of the capital — were the main motivation behind the funding.
