Valkyrie launches trust that invests directly in avalanche
Valkyrie Digital Assets has launched a brand new trust for Avalanche token
Leading financial services firm Valkyrie Digital Assets has launched a new trust investing exclusively in Avalanche (AVAX), according to a press release published earlier this Wednesday.
CIO Steven McClurg noted the blockchain’s “blazing fast” transaction speed in his statement.
Investors must put a minimum of $25,000 into the trust. The investment vehicle offers daily share repurchases.
The launch of the new investment vehicle is expected upon Avalanche’s institutional approval. McClurg says sophisticated investors are increasingly asking for new projects in the decentralized financial sector.
In April, Bloomberg reported that Ava Labs, the Brooklyn-based company behind the popular blockchain, had secured $350 million in funding.
Avalanche (AVAX) is currently the 13th largest cryptocurrency by market capitalization, behind meme coin Dogecoin.
Avalanche is the fourth largest proof-of-stake blockchain by total value locked (TVL), according to data from DeFi analytics platform DefiLlama.
A growing family of trusts
With the addition of the Avalanche Valkyrie Trust (VAVAX), Valkyrie now operates a total of seven investment vehicles that track the value of individual cryptocurrencies. The Nashville-based financial firm offers exposure to cryptocurrencies such as Bitcoin, Algorand, Dash, Polkadot, TRON and Zilliqa.
In addition, Valkyrie operates a multi-coin trust. As reported by U.Today, the exotic product, which contains only proof-of-stake cryptocurrencies, was launched in late April.
Earlier this year, Valkyrie passed $1 billion in assets under management, reaching its first major milestone.
Last October, Valkyrie made headlines after launching the second Bitcoin exchange-traded fund (ETF).