Crypto asset management company Valkyrie completes $10 million Series A financing

Digital asset manager and Bitcoin ETF backer Valkyrie Investments recently closed a $10 million Series A funding round, once again highlighting investors’ growing interest in crypto companies.

In addition to Charlie Lee, a well-known entrepreneur in the cryptocurrency industry, XBTO, BTC Media, UTXO Management, Consolidated Trading and 10X Capital also participated in the financing. Interestingly, former Major League Baseball pitcher CJ Wilson and Tron founder Justin Sun are also among the investors.

Valkyrie CEO and World Bank veteran Leah Wald said her company is focused on broadening investor access to cryptocurrencies in a “managed, research-driven way to ultimately deliver best-in-class products to a wide range of investors.”

Litecoin founder Charlie Lee said of Wald and Valkyrie chief investment officer Steven McClurg:

“Leah and Steven have a great vision for how to bring investment opportunities to market, and I’m very excited to support them in this process.”

The asset management company currently offers three crypto-focused funds, investing in Bitcoin, Polkadot, and Algorand. In January 2021, Valkyrie filed an application with the U.S. Securities and Exchange Commission (SEC) to launch a Bitcoin exchange-traded fund. However, as expected, the SEC postponed its decision on the proposed fund.

As Valkyrie’s latest round of investments demonstrates, VC funds continue to back cryptocurrency startups with growing conviction. This even occurred during the second quarter when Bitcoin and the broader cryptocurrency market met the technical definition of a bear market. While analysts remain divided on the overall market theme for Bitcoin, the cryptocurrency fell more than 50% from peak to trough, meeting the technical threshold for a bear market trend.