Share this article
Valkyrie Launches a Dash Trust That Includes Staking
The fund is Valkyrie’s third closed-end crypto fund with staking that the company has launched this year.
Updated Sep 14, 2021, 1:35 p.m. Published Aug 4, 2021, 1:00 p.m.
Make us preferred on Google
Valkyrie Digital Assets is offering its third closed-end crypto fund that includes staking on top of exposure to the underlying asset.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
The digital asset manager launched a trust denominated in dash, a cryptocurrency that is designed for payments. Earlier this year, it launched Algorand Trust and a Polkadot Trust.
“This was actually supposed to be our second trust that we launched after bitcoin,” said Steven McClurg, Valkyrie’s chief investment officer. “The hardest piece was the staking part. There’s a lot of tax law considerations that we have to go through when we launch any sort of staking within a trust.”
Valkyrie didn't reveal the yield on the trust, but added that it would trade on over-the-counter markets where it would be available to retail investors.
“I’m personally very excited to see a product that I can more easily point institutions and individuals [to] looking to hold dash in a retirement account,” said Ryan Taylor, CEO of Dash Core Group, the company that developed the dash coin.
The fund will allow institutions to gain exposure to staking dash without having to run a "master node," which would require them to hold 1,000 dash. That would cost about $163,000 at current prices, compared with the $25,000 minimum investment for the Valkyrie trust.
Taylor also told CoinDesk that he hopes to one day see a Dash exchange-traded fund (ETF), or for Valkyrie’s trust to be converted into an ETF. McClurg added that Valkyrie would begin looking into ETF conversion for its non-bitcoin trusts after a bitcoin ETF has been approved in the U.S. and the other digital assets have reached a market capitalization that satisfies the U.S. Securities and Exchange Commission's aim for liquidity for those assets.
BitGo is the custodian for the Dash fund, Cohen & Co. handles audit and tax, Theorem Fund Services acts as the fund administrator, and Chapman & Cutler LLP is the legal counsel. Valkyrie is charging a 2% fee for the fund.
CORRECTION (August 4, 14:30 UTC): BitGo is the custodian for the Dash fund, not Coinbase.
More For You
Pudgy Penguins is building a multi-vertical consumer IP platform — combining phygital products, games, NFTs and PENGU to monetize culture at scale.
What to know:
Pudgy Penguins is emerging as one of the strongest NFT-native brands of this cycle, shifting from speculative “digital luxury goods” into a multi-vertical consumer IP platform. Its strategy is to acquire users through mainstream channels first; toys, retail partnerships and viral media, then onboard them into Web3 through games, NFTs and the PENGU token.
The ecosystem now spans phygital products (> $13M retail sales and >1M units sold), games and experiences (Pudgy Party surpassed 500k downloads in two weeks), and a widely distributed token (airdropped to 6M+ wallets). While the market is currently pricing Pudgy at a premium relative to traditional IP peers, sustained success depends on execution across retail expansion, gaming adoption and deeper token utility.
More For You
Bitcoin climbs above $89,000 as U.S. dollar tumbles on President Trump's remarks
The president said he isn't concerned about the dollar's recent declines, sending the greenback plunging even lower.
What to know:
- Bitcoin rallied above $89,000 as remarks by President Trump sent the dollar to its lowest level in nearly four years.
- Gold rose to a new record above $5,200 per ounce following the president's comments.
- One analyst is seeing a bullish technical divergence which could send bitcoin back to $95,000 in short order.
Top Stories
