BNY Mellon invests in crypto asset manager Valkyrie as it conducts an $11 million funding round. Valkyrie plans to use the funding to hire more employees for development and sales to handle increasing demand. The crypto asset manager is looking to introduce private funds and account management services. At the same time, they are going to work with the SEC to file more ETFs.
Valkyrie’s new funding round
This funding round will allow the crypto manager to hire more employees, which is different than what crypto platforms are doing. We have had a lot of companies laying off employees and slowing down their hiring spree. However, Valkyrie continues to bring in more employees to increase its offerings. They have seen an increased interest in ETFs, hedge funds, and venture funds. So, to meet this demand, they need more sales professionals and developers.
Investors that participated in the latest funding round were Coinbase Ventures, Zilliqa Capital, C Squared Ventures, Wedbush Financial Services, Belvedere Strategic Capital, and SeanHill Partners. However, BNY Mellon which also participated in this round, was the most prominent name. Their investment in Valkyrie shows an inclination to enter the crypto industry indirectly. You never know that the success of this investment will lead to many more.
Valkyrie’s ETFs
The crypto asset manager has three active ETFs in the US with a total AUM of almost $30 million. They have a Bitcoin ETF among that, which was the 2nd BTC futures ETF in the US and had the majority of their AUM. The other two options are a Bitcoin miners ETF and Balance Sheet Opportunity ETF. We might soon see a spot Bitcoin ETF from them very soon. At the same time, they will increase their focus on institutional investors.
About BNY Mellon
BNY Mellon is a holding corporation for investment banking services based in New York City. In 2007, The Mellon Financial Corporation and Bank of New York merged to become BNY Mellon which we know today. With $2.4 trillion in assets under management and $46.7 trillion in assets under custody as of the second quarter of 2021, it is the world’s largest custodian bank and securities services organization. The Financial Stability Board considers it a very essential bank as it is a Delaware-based financial institution.
What are your thoughts as BNY Mellon invests in crypto asset manager Valkyrie? And do you think Valkyrie will be the first to launch a spot BTC ETF? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.
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