Valkyrie launches new trust holding proof-of-stake tokens

Startups • April 21, 2022, 9:00AM EDT
UPDATED: April 21, 2022, 10:28AM EDT
The Block

Issuer Valkyrie Investments has launched another crypto-focused trust in its family of funds, with this offering focused on proof-of-stake tokens.

The Valkyrie Multi-Coin Trust (VMCT) invests in blockchain networks and tokens that launched after the creation of Bitcoin and Ethereum in addition to Layer 1 and 2 Solutions. 

"The Trust is unique in that it allocates to a broad universe of protocols and also returns staking yield to investors, and it was created in response to demand from family offices, accredited investors, and other market participants," said Valkyrie Investments CIO Steven McClurg in an announcement today.

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The holdings include Avalanche (AVAX), Binance (BNB), Cosmos (ATOM), Gemini USD (GUSD), Helium (HNT), Terra (LUNA), Polygon (MATIC) and Zilliqa (ZIL).  Other tokens may be added based on staking opportunities, on-chain activity, protocol upgrades and liquidity.

The trust has a minimum investment of $100,000 for accredited investors. 

VMCT is the seventh in a suite of single protocol digital asset trusts, which include offerings holding Algorand, Dash, Tron, Zilliqa, Polkadot and Bitcoin. Valkyrie also launched a bitcoin mining exchange-traded fund earlier this year and successfully brought the second bitcoin futures ETF to market in October of last year. Its spot bitcoin ETF proposals, like other issuers, have yet to garner a green light from the Securities and Exchange Commission.

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Aislinn Keely is a reporter on The Block's policy team holding down the legal beat. She covers court decisions, bankruptcies, regulatory actions and other key moments in the legal sphere, putting them in context for the wider crypto industry. Before The Block, she lent her voice to the NPR affiliate WFUV and helmed Fordham University's student newspaper. Send tips or thoughts on all things policy and legal to [email protected] or follow her on Twitter for updates @AislinnKeely.

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