Valkyrie Investments, the cryptocurrency-focused fund that manages $1 billion in assets, is downsizing its positions ahead of the upcoming merger. Wanting to avoid the high waves of the altcoin market, the company will take shelter in safe havens such as Bitcoin for a while.
Valkyrie takes precautions before merge
The Ethereum merge, which is expected to start on September 6, has not escaped speculation so far. Its continuous postponement since 2015 brings heavy criticism. According to the latest updates, the Ethereum team is confident that the merge date will be in effect from September 19. However, as founder Vitalik Buterin said, this date may be delayed for up to a week.
Valkyrie Investments, the cryptocurrency-focused fund, is hesitant to approach the update. The community is split on the update. Aside from the disagreement among miners, investors and analysts are also undecided on how effective the merger will be in a bull run. Valkyrie Investments Chief Investment Officer Steve McClurg says the company will seek refuge in safe havens like Bitcoin amid this uncertainty. Valkyrie will remain in safer assets for a while during the update period.
Steve McClurg, company will take positions in these altcoin projects
Steve McClurg, Valkyrie’s chief investment officer, explained in an interview with Bloomberg Technology that the cryptocurrency asset manager has chosen to fly to safety with assets like Bitcoin (BTC) as the merger approaches:
Most of our funds are currently flowing to Bitcoin, but some of the more reputable proof-of-stake protocols are also a great place to go. For example, Avalanche and Zilliqa. So, until we see it in mid-September, we’re actually moving on to some of the safer and bigger ones than anything that touches ETH.
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