2 years ago
92 Leading investment manager Valkyrie Digital Assets has launched its latest investment vehicle called Valkyrie Avalanche Trust. According to the company, the aim is to invest solely in AVAX, the native token of Avalanche blockchain.
The Fund Allows a $25,000 Minimum Investment
The fund will be available to accredited investors, including trusts, brokers, banks, insurance companies, as well as high-net-worth individuals.
The minimum investment requirement for WAVAX has been placed at $25,000, with a 2% management fee. According to reports, the fund has already secured $25 million.
Stephen McClurg, while commenting on the development, stated that the trust will offer qualified investors exposure to the type of protocols they have been asking for. This is coming as many other projects in NFTs, DeFi, and others have increasingly started to build on the Avalanche blockchain.
Valkyrie Continues Expansion
The launch of the new investment platform is coming a few weeks after Valkyrie rolled out its Multi-Coin Trust. It’s also coming months after the company launched its Bitcoin Miners Exchange-Traded Fund and listed on NASDAQ.
While the WGMI as an ETF concentrates on firms operating in the Bitcoin mining industry, the Multi-Chain Trust invests in a group of base-layer tokens, such as AVAX.
The WGMI will be the third ETF Valkyrie has launched. It focuses on investments in Bitcoin mining firms with at least 50% 50% renewable energy for mining and 80% holdings.
On the other hand, the Valkyrie Bitcoin Strategy, the company’s previous ETF, focuses on Bitcoin futures. The new ETF has already been approved by the US Securities and Exchange Commission since it’s not a spot Bitcoin ETF.
No Spot Bitcoin EFT Has Been Approved By The SEC Yet
The ETF is one of only a few ones the SEC has accepted, after rejecting several applications from SkyBridge, Fidelity, Krypton, and WisdomTree. The regulator has not approved any spot Bitcoin ETF yet.
SEC has also kept the application of Grayscale on hold. The digital asset investment platform applied to convert its GBPTC shares to spot Bitcoin ETF. The financial watchdog says it is concerned about the risk of fraud and manipulation using the investment instrument.
