NASHVILLE, Tenn., July 14, 2021 /PRNewswire/ — Valkyrie Digital Assets LLC (“Valkyrie”), the sponsor (the “Sponsor”) of the Valkyrie Bitcoin Trust and the Valkyrie Polkadot Trust, announced today the launch of its third investment vehicle, the Valkyrie Algorand Trust (the “Trust”).
The Trust is the first investment vehicle at Valkyrie to invest solely in Algorand (ALGO), the digital asset that powers the Algorand Network. The primary investment objective of the Trust is to reflect the value of ALGO held within, to offer investors access and exposure to the cryptocurrency in an insurable, cost-effective manner. The secondary objective of the Trust is to aim to provide a target annualized yield of four to six percent, in addition to the total returns of ALGO.
“Algorand is a rapidly growing, innovative blockchain network with a number of significant projects being built on it,” said Valkyrie Investments CEO Leah Wald. “We couldn’t be more excited to offer this Trust, and are doing so in response to significant demand from the investors we speak to on a weekly basis.”
In addition to providing exposure to ALGO, the Trust will seek to generate income in the crypto asset by leasing the rights to use ALGO held within to participate in the Algorand Network staking consensus mechanism (“ALGO Staking”). The Trust is open to accredited investors only, with a minimum investment of $25,000. Valkyrie charges a management fee of two percent to oversee the Trust. Redemptions are available daily. The Trust may be IRA eligible from certain providers.
Algorand’s advanced technology is powering the future of finance as traditional and decentralized models converge into a unified system that is inclusive, frictionless and secure. The brainchild of Turing Award-winning cryptographer Silvio Micali, Algorand’s blockchain infrastructure provides the interoperability and capacity required for defi, financial institutions and governments to smoothly transition to the new digital economy.
“Valkyrie is at the forefront of digital asset offerings and we are excited they are expanding participation opportunities for those who want to be a part of the growing Algorand ecosystem,” said W. Sean Ford, COO at Algorand. “They have created a unique offering and are proving their commitment to supporting a wide universe of digital assets.”
Used by more than 700 organizations around the world, Algorand is enabling the simple creation of leading-edge financial products, services and exchange of value.
Valkyrie Digital Assets is the Trust sponsor.
About Valkyrie Investments Inc.
Valkyrie Investments Inc. (“Valkyrie Investments”) is a specialized alternative financial services firm at the intersection of traditional finance and the emerging cryptocurrency sector whose affiliates aim to offer asset management, research and other services. Headquartered in Nashville, Valkyrie Investments aims to create and manage bespoke portfolios and products, including managing exposure to digital assets and other frontier investments. Valkyrie Investments is led by seasoned asset managers who have previously launched multiple ETFs, publicly traded funds and ETPs, including digital asset funds with backgrounds across Guggenheim Partners, UBS, Chicago Board of Trade, Chicago Mercantile Exchange, and The World Bank.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy Algorand. Such offerings may only be made by prospectus and other offering documents that discloses the risks and disclosures of such offering. Past performance is not indicative of future results. There is no guarantee that any specific outcome will be achieved. Investments may be speculative, illiquid and there is a risk of total loss.
Forward Looking Statements
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SOURCE Valkyrie Investments