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As per the reports, one of the wealthiest individuals in the cryptocurrency industry, Justin Sun, has a sizable portion of his bitcoin (BTC) kept at the American-based Valkyrie Investments.
According to a confidential financial document examined by CoinDesk, at one point in August, the cryptocurrency kingpin seemed to have more than $580 million in BTC stored with the crypto asset management.
The paper reveals that this amounted to more than 90% of the funds at Valkyrie Digital Assets LLC, the company’s largest business.
In October of last year, the Chinese cryptocurrency entrepreneur also disclosed that he was a key shareholder in Valkyrie.
From a different angle, the Justin Sun and Valkyrie development suggests that the digital asset management primarily relied on the contentious crypto billionaire.
Justin Sun’s partnership with Valkyrie Investments was extremely advantageous to his crypto enterprise. The crypto asset manager, for instance, developed investment products for his tokens, such as TRON’s TRX and BitTorrent BTT.
However, in addition with the benefits Valkyrie enjoyed, it actively promoted TRON utilizing the marketing tools provided by TRON’s creators and sharing its Wall Street prominence with the open-source blockchain. In the month of September it was surfaced that during the crypto manager’s Nasdaq bell-ringing rituals, a person sporting a T-shirt bearing the TRON logo participated.
Hence, the purported mutualistic relationship between Sun and Valkyrie allegedly encouraged the growth of digital asset management. Every aspect of Valkyrie’s company, such as trusts and separately managed accounts, benefited from the contributions of the TRON founder.
Valkyrie Targets Crypto Startups
Meanwhile, it was reported in a recent US Securities and Exchange Commission (SEC) filing that alternative fund manager Valkyrie has raised $74 million for two of its trusts with a $30 million fund targeted at Israeli early-stage start-ups, the financial services provider entered the venture capital market.
To oversee the team, it also hired veteran with funding experience Lluis Pedragosa.
The post Tron Founder Justin Sun was a Client of Valkyrie Investments appeared first on Blockchain, Crypto and Stock News.
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