Valkyrie Raises $10 Million For Bitcoin ETF Segment

According to recent mainstream reports, Valkyrie has had a successful Series A funding round raising $10 million in cash.

Shain Vernier•Wednesday, June 30, 2021•2 min read

Valkyrie is an investment firm that specializes in making alternative assets publicly available via a fund format. In other words, Valkyrie builds ETFs facing exotic markets, specifically those related to cryptocurrencies. The company’s latest venture involves Bitcoin BTC and gaining Securities and Exchange Commission (SEC) approval of a BTC ETF.

According to reports from Coindesk, Valkyrie has had a successful Series A funding round raising $10 million in cash. Prominent Series A investors include Tron founder Justin Sun, Litecoin LTC founder Charlie Lee, and Precept Capital Management. Following the Series A round, Valkyrie CEO Steven McClurg stated that the capital will be used to support the fund’s core business segments, including the ETF division.

As of this writing, the SEC hasn’t approved a single BTC ETF application. Some of the biggest names in finance such as BlackRock and VanEck are in the queue for approval. For Valkyrie, the SEC has scheduled approval or denial of the BTC ETF application for August 10. Given new SEC Chairman Gary Gensler’s stance toward cryptos and Bitcoin, the chance of Valkyrie gaining an August thumbs up are limited.

Valkyries Raises $10 Million, Bitcoin Stagnates Under $35,000

The long-term bullish trend in Bitcoin is alive and well. However, the past six weeks have been exceedingly tight. As a result, BTC is sitting in an intermediate-term bearish position as it has repeatedly failed to rally above $40,000.

BTC/USD

Bottom Line: With July’s trade set to kick off in a little over 12 hours, it’s difficult to pick a direction for Bitcoin. While it’s tough to ignore the coin’s long-term growth potential, the steep losses sustained in mid-May have yet to be erased. Unfortunately for BTC bulls, news of the successful Series A Valkyrie funding round has yet to boost sentiment.

For BTC, another test of the sub-$30,000 area appears imminent in the near term. If this scenario develops, a buying opportunity may come to pass. Until elected, I’ll have buy orders in the queue from $27,500. With an initial stop loss at $22,500, this trade produces $5,000 (18%) on a short-term bullish bounce.

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ABOUT THE AUTHOR See More

Shain Vernier

US Analyst

Shain Vernier has spent over 7 years in the market as a professional futures, options and forex trader. He holds a B.Sc. in Business Finance from the University of Montana. Shain's career includes stretches with several proprietary trading firms in addition to actively managing his own accounts. Before joining FX Leaders, he worked as a market analyst and financial writer.