Valkyrie Raises $11M in Push To Offer More Crypto Funds

BNY Mellon participated in the strategic round as the fund group seeks to expand headcount


Valkyrie CEO Leah Wald | Blockworks exclusive art by axel rangel


key takeaways

  • Valkyrie seeks to hire developers and sales and distribution professionals to handle demand for crypto ETFs, trusts
  • The company is prepping launches of private funds and separately managed accounts and plans to file for more ETFs

Crypto-focused asset manager Valkyrie Investments has raised roughly $11 million as part of a strategic round that will help the firm hire more people and add to its product lineup. 

Despite crypto companies such as Coinbase and Gemini revealing plans to slow hiring or make staffing cuts, Valkyrie continues to make hires on a rolling basis, a spokesperson said.

“We are actively hiring both developers and sales and distribution [professionals], both of which we need in order to handle the significant inbound interest in our ETFs and protocol trusts, our hedge funds and our venture fund,” Valkyrie Chief Investment Officer Steven McClurg told Blockworks.

BNY Mellon, which added Valkyrie to its Accelerator Program in April, participated in the funding round. A spokesperson at the company declined to comment on the investment. 

Other investors included Coinbase Ventures, Wedbush Financial Services, Clearsky, Zilliqa Capital, C Squared Ventures, Belvedere Strategic Capital and SenaHill Partners.

Nashville-based Valkyrie will also seek to build out its offerings following the fresh funding. It has three ETFs trading in the US with combined assets under management of roughly $30 million, according to 

The Valkyrie Bitcoin Strategy ETF (BTF), which became the US’s second ETF to invest primarily in bitcoin futures contracts when it launched last October, holds about 90% of those managed assets. The firm also has a Balance Sheet Opportunities ETF (VBB) and a Bitcoin Miners ETF (WGMI), which Valkyrie brought to market in December and February, respectively. 

Valkyrie is working to offer another bitcoin futures ETF — this one filed under the Securities Act of 1933 — and plans to file for other crypto ETFs soon, McClurg noted. The firm declined to share specifics on potential future products.

“We have a few additional private funds and [separately managed accounts] set to launch, and we are also building out the proprietary technology needed for larger institutional clients, such as fund administration and reporting,” McClurg added.

Valkyrie unveiled its first multi-coin trust for accredited investors in April, following up that launch by offering its first Avalanche-focused investment vehicle

The SEC has rejected the company’s spot bitcoin ETF proposals, but the firm, along with others, continue to engage with the regulator about launching such a fund.

“The race to be first to market will not be for the faint of heart, and we embrace this challenge,” Valkyrie CEO Leah Wald told Blockworks in March.

Don’t miss the next big story – join our free daily newsletter.


Upcoming Events

Hilton Metropole | 225 Edgware Rd, London

MON - WED, MARCH 18 - 20, 2024

Crypto’s premier institutional conference returns to London in March 2024. The DAS: London Experience:  Attend expert-led panel discussions and fireside chats  Hear the latest developments regarding the crypto and digital asset regulatory environment directly from policymakers and experts   Grow your network […]

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

Frax report cover.jpg


Frax saw continued development in its frxETH liquid staking derivative and Fraxlend money market throughout 2023. Frax V3 introduces an RWA strategy to drive utility to the protocol's cornerstone product, the FRAX stablecoin.


As of Wednesday, the US government had seized Sinbad’s website


Cross-chain protocol’s product development-focused unit Wormhole Labs formally launches following $225 million raise


Accredited and non-accredited investors worldwide will be able to purchase the Note starting Dec. 6 on US-regulated trading platform INX


Bitcoin’s next halving is less than five months away. History says they’re bullish but will this time be different?


Merger is set to allow the combined business to “flex between our different lines of business,” Hut 8 CEO says


Agency’s decision to start comment window earlier than expected could be bullish for spot bitcoin ETF approval in January, industry watchers say