Trading platform Abra purchased Valkyrie’s crypto trusts: Report
Trading platform Abra reportedly purchased Valkyrie’s private crypto trusts in May 2024, ahead of a settlement between the crypto trading platform and 25 state financial regulators in the United States.
According to Bloomberg, Abra took over Valkyrie’s Tron ( TRX ) and Zilliqa trusts, which saw previous sales of $50 million and $21.3 million, respectively. In addition to Tron and Zilliqa, Abra purchased several other unnamed digital asset trusts from Valkyrie.
Marissa Kim, Abra's head of asset management, also told the financial outlet that the trading platform could list the trusts on public exchanges, should market demand grow for the investment vehicles.
Abra comes under regulatory scrutiny
In 2023, Texas state regulators accused Abra of insolvency and securities fraud. The Texas State Securities Board claimed the company had been insolvent since March of 2023 and issued a cease and desist order against the exchange in June of that year.
Fast forward to January 2024, Abra entered into a deal with the Texas State Securities Board. As part of the agreement to wind down operations, Abra agreed to notify all investors with balances over $10 that funds should be withdrawn, with any remaining funds to be liquidated into fiat and returned to Texas investors.
At the time, Abra founder Bill Barhydt maintained that the trading platform had never restricted US withdrawals and reiterated the company’s commitment to winding down retail operations within the United States.
Related: Abra, CEO Barhydt settle with 25 US states over licensing violations
Valkyrie offloading businesses
Earlier in 2024, CoinShares announced it acquired Valkyrie's ETF business and the advisory arm of the financial firm Valkyrie Investments.
CoinShares also announced that it would rebrand the Valkyrie business assets under the CoinShares brand as part of the firm’s US expansion goals.
Magazine: Lark Davis on fighting social media storms, and why he’s an ETH bull: Hall of Flame
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
The Daily: OpenSea's Wells Notice, TON blockchain's outage, Hamster Kombat's token airdrop and more
OpenSea CEO Devin Finzer said the NFT marketplace has received a Wells Notice from the Securities and Exchange Commission.TON blockchain suffered a six-hour outage due to an abnormal load that caused a consensus loss among validators.Sony launched the public Minato testnet and a developer incubation program for its Soneium blockchain.The following article is adapted from The Block’s newsletter, The Daily, which comes out on weekday afternoons.
![](https://img.bitgetimg.com/multiLang/image/social/004ce771170a5a826db961f23802373a1724865877685.jpg)
An Interesting Altcoin Surpassed $100 Million Market Cap Within Hours After Its Launch Today: What’s the Secret?
The altcoin, which was launched today and is linked to one of Ethereum's Genesis block wallets, saw a market value of $100 million.
JUST IN! SEC Sends Wells Notice to Another Cryptocurrency Platform!
OPENSEA received a WELLS Notice from the SEC, which means a lawsuit may be filed.
JUST IN! Telegram Founder Pavel Durov Released! Toncoin (TON) Price Reacts!
Telegram and Toncoin founder Pavel Durov was released.