09:04 AM EDT, 04/03/2024 (MT Newswires) -- Birchtree Investments Ltd. (BRCH.CN) said overnight Tuesday that it has closed its investment in Valkyrie Specialty Corp.

Birchtree said it now holds 795,926 common shares of the parent company of Valkyrie Specialty (Valkyrie Holdco), representing a 30.6% stake.

Birchtree added that it owns a right to appoint a director of Valkyrie Holdco as long as it owns or controls at least 500,000 shares in Valkyrie Holdco.

Pursuant to the transactions, Birchtree invested $499,500 into Valkyrie Holdco and issued 5 million common shares to it.

Birchtree's shares plunged 30% yesterday.