Valkyrie Investments, the digital asset manager and Bitcoin (BTC) ETF proponent, has raised a $10 million Series A funding round, once again highlighting growing investor interest in crypto-focused firms.
It has been reported that Charlie Lee, who is a well-known entrepreneur in the cryptocurrency industry, said that the funding round also saw participation from XBTO, BTC Media, UTXO Management, Consolidated Trading, and 10X Capital. Former Major League Baseball pitcher CJ Wilson was also among the investors, as was Tron founder Justin Sun.
Leah Wald, the CEO of Valkyrie and World Bank veteran, said that 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.”
Charlie Lee, the founder of Litecoin, 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."
However, 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. Unsurprisingly, the SEC has delayed its ruling on the proposed fund.
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.
Thus, the more than 50% drop from peak to trough met the technical threshold of a bear trend while analysts remain divided about the overarching market theme of Bitcoin.
Source: Cointelegraph