Digital asset supervisor and Bitcoin (BTC) ETF proponent Valkyrie Investments just lately concluded a $10 million Sequence A funding spherical, as soon as once more highlighting rising investor curiosity in crypto-focused corporations.
Along with Charlie Lee, who’s a well known entrepreneur within the cryptocurrency trade, the funding spherical additionally noticed participation from XBTO, BTC Media, UTXO Administration, Consolidated Buying and selling and 10X Capital. Curiously, former Main League Baseball pitcher CJ Wilson was additionally among the many traders, as was Tron founder Justin Solar.
Valkyrie CEO and World Financial institution veteran Leah Wald said her agency is targeted on broadening investor entry to cryptocurrencies in a “managed, research-driven method that finally supplies best-in-class merchandise to every kind of traders.”
Referencing Wald and Steven McClurg, Valkyrie’s chief funding officer, Litecoin founder Charlie Lee mentioned:
“Leah and Steven have an awesome imaginative and prescient for the way they wish to deliver funding alternatives to market, and I could not be happier to assist them on this journey.”
The asset supervisor at present gives three crypto-focused funds offering publicity to Bitcoin, Polkadot and Algorand. In January 2021, Valkyrie filed an application with the US Securities and Trade Fee, or SEC, to record a Bitcoin exchange-traded fund. Nonetheless, unsurprisingly, the SEC has delayed its ruling on the proposed fund.
As Valkyrie’s newest funding spherical demonstrates, venture funds continue to back crypto startups with ever-growing conviction. This comes whilst Bitcoin and the broader cryptocurrency market met the technical definitions of a bear market within the second quarter. Whereas analysts remain divided about the overarching market theme of Bitcoin, the greater than 50% drop from peak to trough met the technical threshold of a bear pattern.