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Valkyrie Investments, a Tennessee-based asset manager, has announced its intention to become the new sponsor of Grayscale’s Bitcoin Trust (GBTC). The company states that it is “uniquely qualified” for the role and plans to facilitate redemptions at net asset value (NAV) through a Regulation M filing. Valkyrie Offers to Take Over
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Valkyrie, one of Grayscale’s rivals, previously launched a bitcoin trust and a bitcoin-related exchange-traded-fund (ETF) in 2021. As part of their plan to sponsor GBTC, the world’s largest bitcoin fund, the Tennessee-based company also announced the launch of a new fund, the Valkyrie Opportunistic Fund, LP that seeks to take
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In other words, Valkyrie Investments, a money manager that pitches crypto products to Wall Street investors, mostly relied on Justin Sun, a controversial Chinese crypto billionaire. (The current state of Valkyrie’s assets is unknown.) Sun has also said he’s one of Valkyrie’s biggest shareholders. Original Source
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“Our management team did a thorough review of asset growth year to date and reviewed every employee’s role and contribution. Like many other companies in our industry, cuts needed to be made and ours were limited to sales and marketing,” Valkyrie CEO Leah Wald told Bloomberg. Original Source
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"We had a signed subscription doc in-hand, and their [limited partners] were blue chip firms that have impeccable reputations in the business," she wrote in the letter dated Oct. 7. "In the months that have since passed, though, those LPs backed out and the investor was unable to meet its
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Despite delisting VBB, Valkyrie still continues to manage the Bitcoin
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Investors never showed much demand for Valkyrie’s third ETF, where the largest positions are Tesla (TSLA) and MicroStrategy (MSTR), companies known for holding bitcoin on their balance sheets. Net assets under management are currently only about $570,000, a miniscule number for ETFs. Source
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Frank Downing, director of research at Ark Invest and Steven McClurg, co-founder of asset management firm Valkyrie, joined “First Mover,” to discuss why crypto may have reached its “bottom,” and their crypto-focused separate managed accounts (SMAs). Source
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The market has not previously seen crypto SMA because crypto remains “a fairly new asset class," with only a few firms building traditional products with crypto exposure, Key explained. There is a growing section of crypto-curious traditional investors, who are hesitant to make direct investments, which means there is a
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An alternative investment company, Valkyrie, has added $73.6 million in capital into two crypto-focused trust funds. Valkyrie initially had $1.2 billion in
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