Abra, a digital assets platform, bought Tron (TRX) and Zilliqa (ZIL) trusts from Valkyrie Investments. Bloomberg reported the purchase happened just before Abra settled with 25 U.S. state regulators over operating without licenses.
This was done by Abra Capital Management LP, an SEC-registered investment advisor, according to Marissa Kim, Abra’s head of asset management.
Abra Expands with Tron and Zilliqa Trusts from Valkyrie Investments
Abra’s acquisitions included the purchase of Valkyrie trusts for Tron (TRX) and Zilliqa (ZIL), along with others that are yet to launch.
Marissa Kim, Abra’s head of asset management, noted that these crypto private trusts allow Abra Capital Management to expand its spot and decentralized finance (DeFi) products to more investors. She also mentioned the possibility of filing to make some of these trusts publicly traded, depending on market demand.
In crypto trusts, an asset manager holds digital assets on behalf of investors. The shares of these assets, like TRX or ZIL, can be traded in over-the-counter (OTC) markets. However, these trusts are not exchange-traded funds (ETFs) and are available only to accredited investors, institutions, or high-net-worth individuals.
Abra Settles with U.S. Regulators and Agrees to Return $82.1 Million
The latest news about Abra comes weeks after the company settled with several U.S. state regulators over charges of unregistered operations in offering crypto assets.
This settlement, which occurred in June, requires Abra to return $82.1 million in cryptocurrencies to U.S. customers.
Additionally, Abra settled with Texas securities regulators in January 2024, allowing customers to withdraw their funds.
Abra Capital Launches Abra Treasury for Corporates and Institutions
Abra Capital Management announced the launch of Abra Treasury this week, offering crypto services aimed at corporates, family offices, and non-profits.
These customers can use Abra for custody, borrowing, trading, and yield services. These services are accessible via separately managed accounts. Investors will retain the title and ownership of their digital assets, which will be verifiable on-chain.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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