Trading Platform Abra Buys Valkyrie Crypto Trust: Report
Trading platform Abra reportedly bought private crypto trust Valkyrie in May 2024 ahead of an agreement between the crypto trading platform and 25 government financial regulators in the United States.
According to Bloomberg, Abra took control of Valkyrie Tron (TRX) and Zelica Trust, which previously saw sales of $50 million and $21.3 million, respectively. In addition to TRON and Zilliqa, Abra bought several other unnamed digital asset trusts from Valkyrie.
Abra's head of asset management, Marissa Kim, also told the financial institution that the trading platform may list its trust on public exchanges if market demand for investment vehicles grows.
It comes under control
In 2023, Texas state regulators charged Abrams with bankruptcy and securities fraud. The Texas State Securities Board said the company was in default as of March 2023 and issued a cease-and-desist order on the exchange in June of that year.
Fast forward to January 2024, Abra entered into an agreement with the Texas State Securities Board. Under the settlement agreement, Abra agreed to notify investors with balances greater than $10 that the funds must be withdrawn, with remaining funds being processed into fiat and returned to Texas investors.
At the time, Abra co-founder Bill Barheit reiterated the company's commitment to undermining its U.S. retail presence and that the platform had never limited its U.S. presence.
In the year In 2024, the trading platform continues to face intense pressure from various government regulators, who have accused it of operating without a license. This eventually culminated in a settlement with 25 states.
RELATED: Abera, CEO Barhydt settle with 25 US states over license violations
Valkyrie trades download
Earlier in 2024, CoinShares announced the acquisition of Valkyrie ETF trading and the advisory arm of Financial Valkyrie Investments.
CoinShares has announced that it will reposition Valkyrie's business assets under the CoinShares brand as part of the firm's US expansion goals.
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