Crypto asset management firm Valkyrie is set to list a new exchange-traded fund (ETF) on the Nasdaq this week, according to a report by NEWSBTC on Tuesday.
The stock exchange will list Valkyrie’s new ‘Bitcoin Mining ETF’ as an investment vehicle that will supply assets providing exposure to company securities.
Spot Bitcoin and crypto ETFs are yet to enter the US market, hindered by the SEC’s apprehensive approach to accepting such ETFs.
In recent months, the SEC warmed up to the idea of future’s ETFs, beginning with the ProShares ETF and VanEck Bitcoin ETF. Valkyrie is joining other investment firms like Invesco and ProShares that have sought out crypto-focused ETF offerings.
Valkyrie’s recent ETF, ‘WGMI’ will commence trading at the opening bell for the Nasdaq starting today.
Valkyrie has determined that 80% of portfolio holdings in the ETF will reflect in securities of companies that generate a larger percentage of their revenue or profit from crypto mining or hardware and software related to crypto mining.
The other 20% of the ETF’s net assets will be assigned towards firms that hold a major percentage of their net assets in Bitcoin and crypto. BTC USD up +0.07%