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Valkyrie Funds to Offer Crypto SMAs, Challenging Ark and Franklin Templeton
The crypto-native investment manager will offer actively managed strategies that delve into bitcoin, ether and more.
By Danny Nelson
Updated May 11, 2023, 6:55 p.m. Published Oct 4, 2022, 1:00 p.m.
Crypto asset manager Valkyrie Funds said on Tuesday it will offer separately managed account (SMA) aimed at bringing traditional investors exposure to a variety of crypto investment portfolios.
The new SMA service will initially support three active strategies: bitcoin alone, bitcoin and ether , as well as bitcoin, ether, SOL and MATIC. Valkyrie will offer its SMAs to financial advisors, family offices and other financial institutions that can then pitch their clients.
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Valkyrie is now the third asset manager to announce crypto SMA plans after Ark Invest and Franklin Templeton, a sign of the maturing crypto product industry with Wall Street involvement. Ark and Franklin Templeton are working with Eaglebrook Advisors for their SMAs.
SMAs are investment products that offer its investors direct ownership over the underlying asset, even though the positions are managed by a firm – in this case Valkyrie. Valkyrie Funds Managing Director John Key told CoinDesk that the SMAs will rely on Valkyrie’s research to rebalance positions for downside protection and upside exposure.
“Other products in general are typically passive or follow some kind of index, so we think we’re really bringing a value added by using our research,” Key said.
The market has not previously seen crypto SMAs because crypto remains “a fairly new asset class," with only a few firms building traditional products with crypto exposure, Key explained. There is a growing section of crypto-curious traditional investors who are hesitant to make direct investments, which means there is a market for SMAs, he noted.
Read more: Investment Management Giant Franklin Templeton to Offer Digital Asset Strategies to Wealth Managers
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French Banking Giant BPCE to Roll Out Crypto Trading for 2M Retail Clients
The service will allow customers to buy and sell BTC, ETH, SOL, and USDC through a separate digital asset account managed by Hexarq.
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- French banking group BPCE will start offering crypto trading services to 2 million retail customers through its Banque Populaire and Caisse d’Épargne apps, with plans to expand to 12 million customers by 2026.
- The service will allow customers to buy and sell BTC, ETH, SOL, and USDC through a separate digital asset account managed by Hexarq, with a €2.99 monthly fee and 1.5% transaction commission.
- The move follows similar initiatives by other European banks, such as BBVA, Santander, and Raiffeisen Bank, which have already started offering crypto trading services to their customers.
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