digital asset manager Valkyriehas filed with the SEC to list a new Bitcoin-focused exchange-traded fund (ETF) on the NASDAQ. In the application, the company emphasized that the Valkyrie Bitcoin Miners ETF will invest 80% of its net assets in firms in the crypto mining ecosystem. The ETF is currently under approval and stands out as the crypto asset manager’s third Bitcoin-focused ETF.
Valkyrie has filed with the SEC to list a new Bitcoin-focused exchange-traded fund on the NASDAQ. Valkyrie Bitcoin Miners ETF will be named and will have the WGMI code if approved.
“The Fund retains at least 80% of its net assets (plus investment liabilities) and at least 50% of its revenues or profits. Bitcoin mining is an actively managed exchange-traded fund (“ETF”) that invests in the securities of companies that acquire it from their operations and/or by providing proprietary chips, hardware and software or other services to bitcoin mining companies. Valkyrie adds that the fund will not have direct exposure to Bitcoin, as it does not invest in spot Bitcoin or even Bitcoin derivatives. The fund will also charge a 0.75% management fee and invest in Bitcoin mining companies globally.”
Valkyrie Bitcoin Miners ETF stands out as the firm’s third Bitcoin-focused ETF serving in this space, but Valkyrie Bitcoin Strategy ETF, which started trading last October, stands out as the only ETF currently approved.
Valkyrie’s new application is the latest crypto entry into regulated markets only. Recently, multiple crypto companies and funds have been listed on regulated exchanges such as the Nasdaq and CME. Similarly, Core Scientific debuted on the Nasdaq this month.
These moves bring the crypto market closer to institutional investors, who may be restricted from investing directly in crypto due to regulations.
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