Months after announcing it had raised $11.15 million, crypto asset manager Valkyrie Investments earlier this month revealed – quietly – that the biggest participant in the funding round reneged, leaving Valkyrie scrambling to find others to fill the gap.
In a letter that went largely unnoticed until now, Valkyrie CEO Leah Wald wrote that an entity she called CSA Evolution VC Fund was no longer able to contribute $5 million toward the transaction.
"We had a signed subscription doc in-hand, and their [limited partners] were blue chip firms that have impeccable reputations in the business," she wrote in the letter dated Oct. 7. "In the months that have since passed, though, those LPs backed out and the investor was unable to meet its obligation." She went on to say that Valkyrie was looking for other investors to step in.
When reached Wednesday, a Valkyrie spokesperson said, "we of course are in advanced talks with a number of potential investors who have expressed interest in our...
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