According to a press statement published earlier this Wednesday, leading financial services firm Valkyrie Digital Assets has launched a new trust that invests exclusively in Avalanche (AVAX).
CIO Steven McClurg mentioned the blockchain’s “blazingly fast” transaction speed. Investors should donate at least $25,000 to the trust. The investment vehicle allows for daily share redemptions.
The new investment vehicle is planned to be launched after Avalanche’s institutional adoption. According to McClurg, smart investors are increasingly requesting new ventures in the decentralised financial industry.
Bloomberg reported in April that Ava Labs, the Brooklyn-based firm behind the popular blockchain, had raised $350 million in funding.
Avalanche (AVAX) is the 13th most valuable cryptocurrency by market capitalization, behind meme coin Dogecoin. According to data provided by DeFi analytics platform DefiLlama, Avalanche is the fourth largest proof-of-stake blockchain by total value locked (TVL).
With the addition of the Avalanche ValkyrieTrust (VAVAX), Valkyrie now operates seven investment vehicles that monitor the value of individual cryptocurrencies. Bitcoin, Algorand, Dash, Polkadot, TRON, and Zilliqa are among the cryptocurrencies offered by the Nashville-based financial firm.
Additionally, Valkyrie maintains a multi-coin trust. The different products, which exclusively include proof-of-stake cryptocurrencies, were released in late April. Valkyrie reached $1 billion in assets under management earlier this year, marking the company’s first big milestone.
Valkyrie made headlines in October when it launched the second Bitcoin exchange-traded fund (ETF).
