SEC Gives Green Light to Valkyrie’s Bitcoin Mining ETF
Asset manager Valkyrie Investments has just received approval from the US Securities and Exchange Commission (SEC) to launch an exchange-traded fund (ETF) based on the shares of companies that receive at least 50% of the profits from Bitcoin mining.
In this category, the company has also included suppliers of equipment, software or services for mining operations.
The listing under the ticker symbol WGMI will take place on Tuesday, February 8 on the US tech stock market Nasdaq. According to the company, the ETF “will not invest in Bitcoin directly or indirectly.”
The cost ratio for management and other costs of the fund is 0.75%.
The company submitted an application to launch the investment product at the end of last monnth. According to the application, the Valkyrie Bitcoin Miners ETF invests at least 80% of its net assets in the securities of mining companies, 20% in the shares of enterprises that have Bitcoin on their balance sheets.
