Valkyrie Applied With the SEC to Launch a Bitcoin Miners ETF

Valkyrie has filed an application with the US SEC to launch an exchange-traded fund tracking the performance of BTC mining firms.

Bitcoin Etf, Bitcoin Mining

1/26/2022 5:01:00 PM

Valkyrie has filed an application with the US SEC to launch an exchange-traded fund tracking the performance of BTC mining firms.

Valkyrie has filed an application with the US SEC to launch an exchange-traded fund tracking the performance of BTC mining firms.

According to thefilingto the Securities and Exchange Commission, the Valkyrie Bitcoin Miners ETF will invest at least 80% of its net assets in securities of companies that “derive at least 50% of their revenue or profits from bitcoin mining operations and/or from providing specialized chips, hardware, and software or other services to companies engaged in bitcoin mining.”

No more than 5% can be invested in the debt instruments of BTC mining entities.The document highlighted that the new product will not invest in bitcoin directly or indirectly through derivatives.If approved, Valkyrie Funds LLC will serve as the ETF’s investment adviser, while Vident Investment Advisory will be the sub-adviser.

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Months after having its Bitcoin futures-backed ETF launched on the US stock market, the crypto asset manager has sought approval for another exchange-traded fund. This time, though, the company wants the new product to be focused on bitcoin mining firms only. According to the filing to the Securities and Exchange Commission, the Valkyrie Bitcoin Miners ETF will invest at least 80% of its net assets in securities of companies that “derive at least 50% of their revenue or profits from bitcoin mining operations and/or from providing specialized chips, hardware, and software or other services to companies engaged in bitcoin mining.” No more than 5% can be invested in the debt instruments of BTC mining entities. The document highlighted that the new product will not invest in bitcoin directly or indirectly through derivatives. If approved, Valkyrie Funds LLC will serve as the ETF’s investment adviser, while Vident Investment Advisory will be the sub-adviser. The advisors could also decide to allocate up to 20% of the fund’s net assets in companies holding a “significant portion of their net assets in bitcoin on their balance sheet or derive a significant portion of their revenue or profits directly from mining, lending, transacting in bitcoin.” Valkyrie also said it will focus on firms using green and renewable energy for its mining activities, with 80% or more of the fund’s net assets going in such organizations. The crypto management firm already made history in late 2021 when its Bitcoin Strategy (futures-backed) ETF became the