Crypto asset manager Valkyrie raises $10M in Series A round
Digital asset manager and Bitcoin (BTC) ETF proponent Valkyrie Investments recently concluded a $10 million Series A funding round, once again highlighting growing investor interest in crypto-focused firms.
In addition to Charlie Lee, who is a well-known entrepreneur in the cryptocurrency industry, the funding round also saw participation from XBTO, BTC Media, UTXO Management, Consolidated Trading and 10X Capital. Interestingly, former Major League Baseball pitcher CJ Wilson was also among the investors, as was Tron founder Justin Sun.
Valkyrie CEO and World Bank veteran Leah Wald said her firm is focused on broadening investor access to cryptocurrencies in a “managed, research-driven manner that ultimately provides best-in-class products to all kinds of investors.”
Referencing Wald and Steven McClurg, Valkyrie’s chief investment officer, Litecoin founder Charlie Lee said:
“Leah and Steven have a great vision for how they want to bring investment opportunities to market, and I couldn’t be happier to support them on this journey.”
The asset manager currently offers three crypto-focused funds providing exposure to Bitcoin, Polkadot and Algorand. In January 2021, Valkyrie filed an application with the United States Securities and Exchange Commission, or SEC, to list a Bitcoin exchange-traded fund. However, unsurprisingly, the SEC has delayed its ruling on the proposed fund.
Related: World’s first Bitcoin ETF adds $3M per day throughout BTC price dip
As Valkyrie’s latest investment round demonstrates, venture funds continue to back crypto startups with ever-growing conviction. This comes even as Bitcoin and the broader cryptocurrency market met the technical definitions of a bear market in the second quarter. While analysts remain divided about the overarching market theme of Bitcoin, the more than 50% drop from peak to trough met the technical threshold of a bear trend.
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