Justin Sun and Valkyrie: Centralizing Crypto Industry with $580M BTC

• Justin Sun, the founder of Tron, has a large sum of Bitcoin stored with U.S.-based crypto asset manager Valkyrie Investments.
• Valkyrie has built investment products for Justin tokens such as Tron’s TRX and BitTorrent’s BTT and has promoted Tron using the blockchain network’s own marketing materials.
• Sun is also said to be one of Valkyrie’s biggest shareholders, and was featured on Wall Street with someone wearing a Tron logo during Valkyrie’s bell-ringing at Nasdaq in September.

Justin Sun, the founder of Tron, has a large sum of Bitcoin stored with U.S.-based crypto asset manager Valkyrie Investments. According to a private financial document that CoinDesk reviewed, at one point in August, Sun had more than $580 million of BTC stashed with the manager, which accounted for over 90% of money at Valkyrie’s largest division, Valkyrie Digital Assets LLC.

Sun’s involvement with Valkyrie has been beneficial to his empire in various ways. To begin with, Valkyrie has built investment products for Justin tokens such as Tron’s TRX and BitTorrent’s BTT, which many other crypto asset managers avoid. Moreover, Valkyrie has been promoting Tron using the blockchain network’s own marketing materials, thus increasing its exposure and reach.

Not only that, but Sun is also said to be one of Valkyrie’s biggest shareholders. Furthermore, he was featured on Wall Street with someone wearing a Tron logo during Valkyrie’s bell-ringing at Nasdaq in September. This further demonstrates the strong relationship between Sun and Valkyrie, and the centralization of the crypto industry, which is rife with whales carrying outsize clout, in spite of its decentralized ideals.

Overall, it is clear that Sun and Valkyrie have a close relationship, one which has had a positive impact on Sun’s empire. Although this kind of centralization raises some questions, it is hard to deny the success that Sun and Valkyrie have had together.

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