Justin Sun connected Valkyrie sells TRON trust to Abra, report
Bloomberg has reported that Valkyrie Investments has sold its private trusts, including its Tron Trust, to cryptocurrency lending firm Abra.
Valkyrie is an investment management firm, and controversial cryptocurrency entrepreneur Justin Sun has previously claimed that he’s one of its largest shareholders.
Sun also has previously claimed he was the largest investor in Valkyrie’s futures-based Bitcoin ETF.
Read more: Justin Sun’s empire may be on the verge of collapse
Additionally, CoinDesk has previously reported that Sun stored massive quantities of bitcoin at Valkyrie, taking advantage of its Separately Managed Account (SMA) platform. At one point, he apparently had in excess of $500 million worth of bitcoin stored at the firm.
The funds in Sun’s SMA seem to dwarf many of the private trusts, with an October filing for the Bitcoin Trust suggesting that it had sold less than $8 million of securities for the trust.
The Tron Trust is substantially larger, but still much smaller than the reported size of Sun’s SMA account, with a 2022 filing suggesting a total amount of securities sold of slightly less than $50 million.
Valkyrie has also launched a trust product for BTT, the token associated with BitTorrent that was launched by Sun.
Abra is a cryptocurrency lender that has attracted attention from regulators, including the Texas State Securities Board, which alleged the firm was insolvent. Abra has since settled these cases with various US state-based regulators and has announced its intention to end its US retail business.
Valkyrie previously sold its ETF business to CoinShares.
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