The exchange-traded fund (ETF) Valkyrie Bitcoin Miners has been accepted for listing on the Nasdaq Stock Market under the ticker symbol “WGMI.”
Nasdaq approved the Bitcoin Miners ETF from crypto asset management Valkyrie to be listed and traded on the market, according to a US Securities and Exchange Commission (SEC) filing on Monday (February 7, 2022).
Valkyrie submitted an application with the Securities and Exchange Commission (SEC) to list the fund less than a month ago.
The Bitcoin Miners ETF would invest at least 80% of its net assets in companies that “derive at least 50% of their revenue or profits from bitcoin mining operations and/or from providing specialized chips, hardware, software, or other services to companies engaged in bitcoin mining,” according to the company’s filing.
Valkyrie also stated that it would concentrate on crypto mining companies that employ green and renewable energy in their operations. On Tuesday, February 8, 2022, the company’s Bitcoin Miners ETF will begin trading on Nasdaq.
While Valkyrie’s Bitcoin Miners ETF is scheduled to begin trading, it is not the company’s first fund to be approved.
The SEC gave the green light to the crypto firm’s Bitcoin futures ETF in October, making it the second such product in the US after ProShares’. The Bitcoin Futures ETF from Valkyrie was also listed on Nasdaq.
Meanwhile, the Securities and Exchange Commission (SEC) continues to be hesitant to approve a spot Bitcoin ETF. SkyBridge’s bid was rejected by the Securities and Exchange Commission in January, citing that the business did not meet the standards.
Valkyrie and Kryptoin are two other applicants that have been rejected. Grayscale’s application to convert its Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin ETF was recently postponed by the SEC.
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