Cryptocurrency trading platform Abra announced the acquisition of several private crypto funds from Valkyrie Investments, before settling with 25 US financial regulators for operating them without the necessary licenses.
most important points:
Acquisition details:
Abra Capital Management LP: Acquired several active funds from Valkyrie in May.
Chests included: Included Tron and Zilliqa chests, as well as several chests that have not yet been released.
Financial performance of funds:
Zilliqa Fund: sold $21.3 million in assets as of last October.
Tron Fund: sold $50 million in assets through September 2022.
Terms of the deal were not disclosed.
Abra's future plans:
Marissa Kim (Head of Asset Management): She said that this acquisition will expand the company's existing offerings in spot and DeFi products to a new audience of investors.
Possible Plans: Abra may consider offering some funds publicly traded in the future depending on market appetite.
Settlement with regulatory authorities:
Settlement: Abra reached an agreement with a group of regulators in June to return $82.1 million in crypto assets to US clients.
Charges: included operating without the necessary licenses and offering interest accounts on crypto without permits.
Transfers in Valkyrie:
Business Divestiture: Valkyrie sold parts of its business in 2024, including the ETF business which was sold to CoinShares International Ltd.
Remaining assets: included funds linked to currencies such as Algorand, Avalanche, BitTorrent, Dash, Polkadot and Bitcoin.
Resignation: Leah Wold, co-founder and former CEO of Valkyrie, resigned last month.
Conclusion:
The crypto industry is seeing big moves as Abra acquires Valkyrie's private funds, expanding its product range and strengthening its market presence, while Valkyrie continues to restructure its business.
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