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Nasdaq lists Valkyrie's bitcoin mining ETF on February 8th



With this mining ETF, the company aims to invest in companies that derive at least 50 percent of their income or profits from BTC mining


Crypto asset manager Valkyrie will offer an exchange-traded fund (ETF) linked to bitcoin mining firms for trading on the Nasdaq starting Tuesday.


A spokesperson for Valkyrie told Cointelegraph that the company's Bitcoin Miners ETF will begin trading on Nasdaq under the ticker WGMI starting Tuesday. According to a Jan. 26 document filed with the US Securities and Exchange Commission, the investment vehicle will not offer direct investments in Bitcoin ( BTC ) ., but at least 80 percent of its net worth through securities of companies that derive "at least 50 percent of their revenues or profits" from BTC mining or the provision of mining-related hardware or software. The document goes on to say that Valkyrie will invest up to 20 percent of the ETF's net assets in companies that hold "a significant portion of their net assets" in Bitcoin.


Valkyrie's offering is similar to a product proposed by asset manager VanEck in December, the Digital Asset Mining ETF. The asset manager said it plans to invest 80 percent of its total assets in securities of crypto mining companies, with the SEC expected to have a decision on approving the fund by Feb. 14. Otherwise, the authority can simply extend the deadline.


In October, Valkyrie was one of the first money managers to offer indirect investing in cryptocurrencies through cash-settled contracts after its Bitcoin Strategy ETF was approved . At press time, the fund's shares were trading at $17.01 on Thursday, after falling more than 20 percent to $14.12 on Thursday.


The SEC has not yet approved a bitcoin spot ETF in the United States, although some lawmakers and industry leaders have criticized that the country's lack of regulatory clarity is lagging behind in innovative investment vehicles in a global comparison. In contrast, in December, Canadian regulators approved a Bitcoin ETF and Bitcoin mutual fund from Fidelity Canada, which then listed on the Toronto Stock Exchange. The investment firm Purpose then received the green light for its Bitcoin ETF in February 2021 .


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