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 shares 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 at least 50% of its profit from bitcoin mining, according to a file at the SEC Wednesday.
- Following the SEC’s reluctance to approve point bitcoin ETFs, investment managers and investment firms have turned to products offering exposure to the futures market or companies that themselves are exposed to bitcoin in other ways, such as mining or keeping crypto on their balance sheets.
- The Valkyrie ETF miners are similar in composition to one from VanEck, which applied to the SEC to launch a digital mining fund in December last year.
- In October, Valkyrie became the third firm to gain SEC approval to list bitcoin futures ETFs, following ProShares and VanEck.
- The proposed fund will pay a 0.75% management fee and will include both U.S. and non-U.S. companies, including some in emerging market countries as defined by the FTSE Emerging Index.
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