Nasdaq lists Valkyrie Bitcoin Miners ETF and opens trading today

Nasdaq Stock Market will list an exchange-traded fund (ETF) exposed to bitcoin miners by crypto asset manager Valkyrie.

A Valkyrie spokesman said the company’s Bitcoin Miners ETF is trading on the Nasdaq as of Tuesday (February 8) under the ticker WGMI.

According to a Jan. 26 filing with the US Securities and Exchange Commission (SEC), the investment vehicle will not provided the possibility of direct exposure to Bitcoin, with at least 80% of its net worth flowing through the securities of companies that generate “at least 50% of the revenue or profits” from mining BTC or providing Bitcoin hardware/software related to the achieve mining.

The filing adds that Valkyrie will invest up to 20% of the ETF’s net assets in companies that hold “a significant portion of their net worth” in Bitcoin.

Valkyrie’s new fund is similar to the digital asset mining ETF proposed by asset manager VanEck in December, as it plans to invest 80% of its total assets in securities owned by crypto miners Feb.

In October, was one of the first money managers to offer indirect exposure to cryptocurrencies through cash-settled contracts with the launch of the Bitcoin Strategy ETF.

At press time, the fund’s shares were trading for $17.01 on the Nasdaq, up more than 20% since falling to $14.12 on Thursday.

The SEC has disallowed spot bitcoin ETFs in the United States, although some lawmakers and industry leaders have criticized that a lack of regulatory clarity is causing the country to fall behind when it comes to cryptocurrency exchanges.

In contrast, Canadian regulators approved a Fidelity Canada Bitcoin ETF and Bitcoin Mutual Fund for listing on the Toronto Stock Exchange in December, while investment firm Purpose’s Bitcoin ETF was given the green light in September 2021.

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