Digital asset manager Valkyrie has filed with the SEC to list a new Bitcoin-focused exchange-traded fund on Nasdaq. During the filing, Valkyrie emphasized that its Valkyrie Bitcoin Miners ETF will invest 80% of its net assets in companies in the crypto mining ecosystem. The ETF is pending approval and will mark the crypto asset manager’s third Bitcoin-focused ETF.
Valkyrie Applies to Bitcoin Miners ETF Listing on Nasdaq
Valkyrie today filed a new ETF application with the Securities and Exchange Commission (SEC) that seeks to provide investors with exposure to shares in Bitcoin on the regulated Nasdaq exchange. The ETF, which will be called the Valkyrie Bitcoin Miners ETF and will be codenamed WGMI, if approved will allow Valkyrie to give investors exposure to companies that receive at least 50% of their profits from mining Bitcoin mining.
“The Fund is an actively managed exchange-traded fund (“ETF”) that will invest at least 80% of its net assets (plus loans for investment purposes) in the securities of companies that earn income. obtain at least 50% of their revenue or profit from bitcoin mining and/or from providing chips, specialized hardware and software, or other services to companies engaged in bitcoin mining,” application notes.
Valkyrie added that the fund will not have direct exposure to Bitcoin as it will not invest in spot Bitcoin or even Bitcoin derivatives. The fund will also charge a management fee of 0.75% and will invest in Bitcoin miners globally.
The Valkyrie Bitcoin Miners ETF is the third Bitcoin-focused ETF from the stables of Valkyrie’s Bitcoin Futures ETF company, the Valkyrie Bitcoin Strategy ETF, which began trading last October, is the company’s only Bitcoin-related ETF to be approved. approved so far.
Cryptocurrencies push further into the mainstream investment market
Valkyrie’s new profile is just the latest entry of cryptocurrency into regulated markets. Many crypto companies and funds have been listed on regulated exchanges like Nasdaq and CME recently. Similarly, Core Scientific debuted on Nasdaq this month.
These moves bring the crypto market closer to institutional investors, who may be restricted from investing directly in cryptocurrencies due to regulations.