Leading financial services firm Valkyrie Digital Assets has launched a new trust that invests solely in Avalanche (AVAX), according to a press release published earlier this Wednesday.
CIO Steven McClurg took note of the blockchain's "blazingly fast" transaction speed in his statement.
Investors are required to put at least $25,000 into the trust. The investment vehicle offers share redemptions on a daily basis.
The launch of the new investment vehicle is expected on Avalanche's institutional adoption. McClurg says that sophisticated investors are increasingly asking for new projects in the decentralized finance sector.
In April, Bloomberg reported that Ava Labs, the Brooklyn-based company behind the popular blockchain, had raked in $350 million in funding.
Avalanche (AVAX) is currently the 13th biggest cryptocurrency by market capitalization, trailing behind meme coin Dogecoin.
Avalanche is the fourth largest proof-of-stake blockchain by total value locked (TVL), according to data provided by DeFi analytics platform DefiLlama.
A growing family of trusts
With the addition of the Avalanche Valkyrie Trust (VAVAX), Valkyrie now operates a total of seven investment vehicles that track the value of separate cryptocurrencies. The Nashville-based financial firm offers exposure to such cryptocurrencies as Bitcoin, Algorand, Dash, Polkadot, TRON and Zilliqa.
In addition, Valkyrie operates a multi-coin trust. As reported by U.Today, the exotic product, which includes only proof-of-stake cryptocurrencies, was launched in late April.
Earlier this year, Valkyrie surpassed $1 billion in assets under management, reaching its first major milestone.
Last October, Valkyrie made headlines after launching the second-ever Bitcoin exchange-traded fund (ETF).
Tomiwabold Olajide
Godfrey Benjamin
Arman Shirinyan
