Valkyrie Applies to List Bitcoin Miners ETF on Nasdaq
The Valkyrie Bitcoin Miners ETF will invest at least 80% of its net assets in firms that derive at least 50% of their profit from bitcoin mining.
Jan 26, 2022 at 12:13 p.m. UTCUpdated May 11, 2023 at 4:08 p.m. UTC
:format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/EWHPX6TAKNGM5NMH5NOZFWESNE.jpg)
Crypto asset manager Valkyrie has applied to the U.S. Securities and Exchange Commission (SEC) to list its exchange-traded fund (ETF) offering exposure to stocks in bitcoin mining companies on Nasdaq.
- The Valkyrie Bitcoin Miners ETF will invest at least 80% of its net assets in securities of firms that derive a minimum of 50% of their profit from bitcoin mining, according to a filing with the SEC Wednesday.
- Following the SEC's reluctance to approve a spot bitcoin ETF, asset managers and investment firms have turned to products offering exposure to the futures market or companies that are themselves exposed to bitcoin in other ways, such as mining or holding crypto on their balance sheets.
- Valkyrie's miners ETF is similar in composition to one from VanEck, which applied to the SEC to launch a digital asset mining fund in December.
- In October, Valkyrie won SEC approval to win SEC approval to list a bitcoin futures ETF, as did ProShares and VanEck.
- The proposed fund will charge a management fee of 0.75% and incorporate both U.S. and non-U.S. companies, including some in emerging market countries as defined by the FTSE Emerging Index.
00:57
What Do EigenLayer's Outflows of $2.3B Signal?
04:20
What Do TradFi Crypto Moves Mean for Decentralization?
02:02
Marathon Digital Buys $100M BTC; India's Special Task Force for Crypto-Related Drug Trafficking
00:53
Ether Slides as Grayscale's ETHE Outflows Ramp Up
Read more: Are Spot Crypto ETFs Really Worth the Wait?
:format(webp)/s3.amazonaws.com/arc-authors/coindesk/008ae87f-5c6e-412b-816b-ded600ac5054.png)
Jamie Crawley is a CoinDesk news reporter based in London.