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.
Read more: Are Spot Crypto ETFs Really Worth the Wait?
Read MoreFeedzy
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.
Read more: Are Spot Crypto ETFs Really Worth the Wait?
DISCLOSURE
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Bitcoin is facing a critical juncture as its macro retracement converges with a tight mid-range…
Onchain data shows multiple cost basis metrics confirm heavy demand and investor conviction around the…
Bitcoin’s bearish momentum has since reached a cool-off state, as price maintains above the last…
Executive John Ameriks emphasized Vanguard's core view of the crypto sector hasn't changed, seeing the…
The recommendation is in line with other global asset managers like BlackRock and Bank of…
The Bitcoin market is experiencing a gradual trend reversal following weeks of prolonged price correction…