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 companies.
Along with Charlie Lee, who’s a widely known entrepreneur within the cryptocurrency business, 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 concentrated on broadening investor entry to cryptocurrencies in a “managed, research-driven method that finally offers best-in-class merchandise to all types of traders.”
Referencing Wald and Steven McClurg, Valkyrie’s chief funding officer, Litecoin founder Charlie Lee stated:
“Leah and Steven have an ideal imaginative and prescient for the way they need to carry funding alternatives to market, and I could not be happier to help them on this journey.”
The asset supervisor at present affords three crypto-focused funds offering publicity to Bitcoin, Polkadot and Algorand. In January 2021, Valkyrie filed an application with america Securities and Trade Fee, or SEC, to record a Bitcoin exchange-traded fund. Nevertheless, 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 at the same time as 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.