Valkyrie Investments is launching a $100 million hedge fund seeking to benefit from the expanding decentralized finance ecosystem.
The fund will be under the firm’s crypto division and led by Will McDonough, a Wall Street professional and Valkyrie’s vice-chairman.
McDonough says that the hedge fund, also called On-Chain DeFi Fund, will be invested in hundreds of coins in the DeFi market based on the company’s proprietary systems.
Valkyrie says that the On-Chain DeFi Fund would go live later in the month. The firm has an interface for real-time data in thirteen different blockchains for 250 tokens.
McDonough announced that the firm’s strategy would be to identify a dislocation in the ecosystem, take an exposure, and stake while waiting for the mismatch to close.
Valkyrie bitcoin ETF debuted on Nasdaq at the close of October after receiving approval from the SEC.
Source: The Block