Issuer Valkyrie Investments has launched an Avalanche-focused trust to join its family of crypto funds.
The Valkyrie Avalanche Trust (VAVAX) launches today. The trust invests solely in AVAX, the native token of the Avalanche network.
“The primary investment objective of the Trust is to reflect the value of Avalanche held within and to offer investors access and exposure to the digital asset in an insurable, cost-effective manner,” the firm said in its announcement.
It is the sixth single-asset trust, which includes vehicles with exposure to bitcoin, polkadot, dash, tron and zilliqa. The Avalanche blockchain launched in September of 2020 by Ava Labs and is the fourth-largest blockchain, with Ava Labs is reportedly raising $350 million at a $5.35 billion valuation to continue its work on the network.
This is the second trust Valkyrie has launched in 2022, and the first also held AVAX. In addition to the single asset trusts, the Valkyrie Multi-Coin Trust launched in late April, and invests in blockchain networks and tokens launched after the creation of Bitcoin and Ethereum, including Avalanche (AVAX), Binance (BNB), Terra (LUNA) and Polygon (MATIC), among others.
“AVAX is growing rapidly in terms of adoption, largely as a result of its blazing fast transaction speeds,” said Valkyrie Investments CIO Steven McClurg in the announcement. “By launching this trust, we are able to give qualified investors exposure to a protocol that they have been increasingly asking about as DeFi projects, NFT platforms, and many other projects have increasingly begun to build on the Avalanche blockchain.” © 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.