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.
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
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