Nasdaq will list Valkyrie’s ETF linked to Bitcoin mining firms on Feb. 8

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Crypto asset manager Valkyrie will have an exchange-traded fund (ETF) of bitcoin miners available for trading on the Nasdaq stock market starting Tuesday.

A Valkyrie spokesperson told Cointelegraph that the Bitcoin Miners ETF will begin trading on the Nasdaq on Tuesday under the ticker symbol WGMI. According to a January 26 filing with the Securities and Exchange Commission, the investment firm will not offer direct access to Bitcoin (BTC), but at least 80% of net assets will be through securities of companies that “make at least 50% of their money” revenue. or profits” from BTC mining or the supply of mining-related hardware or software. The statement added that Valkyrie will invest up to 20% of the ETF’s net assets in companies that have a “significant percentage of net assets” in Bitcoin.

Valkyrie’s offer is similar to the Digital Asset Mining ETF that asset manager VanEck made in December. The asset manager said it plans to invest 80% of its total assets in the crypto-mining company’s securities, and the SEC is expected to make a decision on the fund or extend it through February 14.

In October, Valkyrie became one of the first asset managers to offer indirect exposure to cryptocurrencies through cash-settlement contracts when the ETF launched the Bitcoin Strategy. As of press time, the fund’s shares are trading at $17.01 on the Nasdaq, having surged more than 20% after dropping to $14.12 on Thursday.

Related: Canadian ETF Sees 3rd Largest Daily Influx Of Bitcoin Ever

The Securities and Exchange Commission (SEC) has not approved spot Bitcoin ETFs in the US despite criticism from some lawmakers and industry leaders that a lack of regulatory clarity is holding the country back on the global stage when it comes to innovative investment vehicles. On the other hand, Canadian regulators approved the listing of Fidelity Canada’s Bitcoin ETF and Bitcoin Mutual Funds for listing on the Toronto Stock Exchange in December, while investment firm Purpose’s Bitcoin ETF was green-lit in February 2021.

Source: CoinTelegraph

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