Crypto asset manager Valkyrie has approached the US Securities and Exchange Commission (SEC) to set up an exchange-traded fund that will give people the opportunity to invest in shares of companies that mine Bitcoin (BTC).
Valkyrie Bitcoin Miners ETF The fund, with a minimum of 80 percent of the total assets under its management, will invest in securities of companies that derive at least 50 percent of their income or profits from bitcoin mining or the supply of related chips.
with the remaining 20 percent of the fund bitcoin on balance sheet hosting or from bitcoin mining, lending or from bitcoin transactions Investments can be made in companies with significant income.
The fund, which Valkyrie plans to establish, will include not only the US-based but also the securities of companies established in countries outside the US, including those operating in developing countries.
Tennessee-based Valkyrie became the third institution to receive the green light from the SEC to set up an exchange-traded fund investing in bitcoin futures contracts, following ProShares and VanEck last year.
The Securities and Exchange Commission remains committed to not allowing an exchange-traded fund to invest in the spot bitcoin market.