Nasdaq has listed Valkyrie's ETF linked to Bitcoin mining firms. At least 80% of the investment's net assets are through securities that “derive at least 50% of their revenue or profits” from Bitcoin mining.
Crypto asset manager Valkyrie will have an exchange-traded fund (ETF) featuring Bitcoin mining firms available for trading on the Nasdaq stock exchange starting February 8, Cointelegraph reports.
A Valkyrie spokesperson told Cointelegraph that the firm’s Bitcoin Miners ETF will begin trading on the Nasdaq on Tuesday under the WGMI ticker. According to the filing dated January 26 with the Securities and Exchange Commission, the investment vehicle will not offer direct exposure to Bitcoin (BTC), but at least 80% of its net assets will be through securities of companies that “derive at least 50% of their revenue or profits” from BTC mining or providing the hardware or software related to mining. The filing added that Valkyrie would invest up to 20% of the ETF’s net assets in companies holding “a significant portion of their net assets” in Bitcoin.
In October, Valkyrie became one of the first asset managers to offer indirect exposure to crypto through cash-settled contracts when it launched its Bitcoin Strategy ETF. At the time of publication, shares of the fund traded on the Nasdaq for $17.01, having gained more than 20% since dipping to $14.12 on Thursday.
The SEC has not approved Bitcoin spot ETFs in the United States despite criticism from some lawmakers and industry leaders. In contrast, Canadian regulators approved a Bitcoin ETF and Bitcoin Mutual Fund from Fidelity Canada for listing on the Toronto Stock Exchange in December, while investment firm Purpose’s Bitcoin ETF was given the green light in February 2021.
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