The US Securities and Exchange Commission (SEC) has approved the launch of the Valkyrie Bitcoin Miners ETF. The shares of the fund, which will invest in mining companies, will start trading on the Nasdaq exchange today.
According to a document on the regulator’s website, shares of the new ETF will be traded under the ticker WGMI. The fund has an expense ratio of 0.75%, with 80% of the fund’s funds going to companies that generate at least 50% of their profits from bitcoin mining or mining hardware.
The remaining 20% ​​of the fund can be invested in firms that have significant bitcoin holdings, such as MicroStrategy or Tesla. The document also highlights the fund’s commitment to invest in firms that use renewable energy for mining.
Initially, 5 mining firms were selected, each of which will receive from 8% to 10% of the funds. These companies are Argo Blockchain (ARBK), Bitfarms (BITF), Cleanspark (CLSK), Hive Blockchain (HIVE) and Stronghold Digital Mining (SDIG). Marathon Digital (MARA), Bit Digital (BTBT) and Digihost Technology (DGHI) will receive 4% each.
The company applied to launch the Valkyrie Bitcoin Miners ETF at the end of January, so the SEC made a decision rather quickly. Note that there are already similar ETFs in the US – Viridi Cleaner Energy Crypto-Mining & Semiconductor ETF (RIGZ) and Bitwise Crypto Industry Innovators ETF (BITQ).
Source: Bits
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