Valkyrie Digital Assets Launches New Trust for Avalanche Token
Leading financial services firm Valkyrie Digital Assets has launched a new trust that invests entirely in Avalanche (AVX), according to a press release published earlier this Wednesday.
In his statement, CIO Steven McClarge noted the “brilliantly fast” transaction speed of the blockchain.
Investors are required to put at least $25,000 in the trust. The investment vehicle offers share redemption on a daily basis.
The introduction of the new investment vehicle is expected upon institutional adoption of Avalanche. McClurg says that sophisticated investors are seeking new projects in the decentralized finance sector.
In April, Bloomberg reported that Ava Labs, the Brooklyn-based company behind the popular blockchain, had raised $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 Lock (TVL), according to data provided by DeFi analytics platform Defilama.
Growing family of trusts
In addition to the Avalanche Valkyrie Trust (VAVAX), Valkyrie now operates a total of seven investment vehicles that track the value of different 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 foreign offering, which consists only of a proof-of-stake cryptocurrency, 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 for the second time after launching a bitcoin exchange-traded fund (ETF).