Issuer Valkyrie Investments has unveiled an Avalanche-focused trust as part of its family of crypto funds, according to a report by The Block on Wednesday.
The Valkyrie Avalanche Trust (VAVAX) will invest solely in AVAX, the native token of the Avalanche network.
The company stated that the primary investment objective of the Trust is to reflect the value of Avalanche held within and to provide investors access and exposure to the digital asset in an insurable, cost-effective way.
The trust will become the sixth single-asset trust, which includes vehicles with exposure to bitcoin, polkadot, dash, tron and zilliqa.
Steven McClurg CIO of Valkyrie Investments stated that AVAX is expanding rapidly in terms of adoption, largely due to fast transaction speeds.
McClurg further stated that the launch of this trust would give qualified investors exposure to a protocol they have been demanding as DeFi projects, NFT platforms, and other projects start to build on the Avalanche blockchain. AVAXUSD up +1.22%, BTCUSD up +2.71%