Abra Acquires Valkyrie's Crypto Trusts Amid Regulatory Settlement

In May 2024, Abra, a trading platform, reportedly bought Valkyrie's private crypto trusts before settling with 25 state financial regulators in the US. Abra took over Valkyrie's Tron and Zilliqa trusts, previously sold for $50 million and $21.3 million. They also acquired other digital asset trusts. Marissa Kim, Abra's asset management head, mentioned plans to list the trusts on public exchanges if demand rises. In 2023, Texas regulators accused Abra of insolvency and securities fraud, leading to a cease and desist order. By January 2024, Abra reached an agreement with the Texas State Securities Board to wind down operations. The platform faced pressure from regulators in 2024, resulting in a settlement with 25 states. CoinShares later acquired Valkyrie's ETF business and advisory arm, rebranding them under the CoinShares name for US expansion.