Crypto asset manager Valkyrie gets approval from NASDAQ for listing of its Bitcoin Miners ETF, an exchange-traded fund (ETF) with exposure to Bitcoin mining firms.
What is the Valkyrie Bitcoin Miners ETF?
The Valkyrie Bitcoin Miners ETF Fund is an actively-managed exchange-traded fund.
According to a Jan. 26 filing with the Securities and Exchange Commission, The fund will invest at least 80% of its net assets (plus borrowings for investment purposes) in securities of companies that derive at least 50% of their revenue or profits from bitcoin mining operations and/or from providing specialized chips, hardware and software or other services to companies engaged in bitcoin mining.
The Fund will not directly invest in bitcoin, or indirectly through the use of derivatives or through investments in funds or trusts that hold bitcoin.
The Valkyrie Bitcoin Miners ETF will be available for trading on the Nasdaq Stock Market starting Tuesday 8 February 2022 under the ticker WGMI.
USA lagging in Crypto policy making
Despite criticism from certain policy makers and industry executives that a lack of regulatory clarity is dragging the country back on the global stage in terms of new investment vehicles, the US SEC has not approved Bitcoin spot ETFs. Canadian regulators, on the other hand, are moving faster. In December, Canadian authorities approved Fidelity Canada’s Bitcoin ETF and Bitcoin Mutual Fund for listing on the Toronto Stock Exchange, while Purpose Investment Group’s Bitcoin ETF was approved in February 2021.
Read Also: Valkyrie Investments Raises $10 Million In Series A Funding
