According to Valkyrie, the Bitcoin Miners ETF will have a 0.75% management fee and will invest in both domestic and international companies.
Valkyrie, a crypto asset management, has applied to the Securities and Exchange Commission (SEC) in the United States to establish an exchange-traded fund (ETF) that invests in bitcoin mining firms on Nasdaq.
According to a filing with the Securities and Exchange Commission on Wednesday, the Valkyrie Bitcoin Miners ETF would invest at least 80% of its net assets in securities of companies that earn at least 50% of their profit from bitcoin mining.
Following the SEC’s refusal to approve a spot bitcoin ETF, asset managers and financial firms have turned to futures-based products or corporations that are already exposed to bitcoin in other ways, such as mining or storing crypto on their balance sheets.
Valkyrie’s miners ETF has a similar composition to VanEck’s digital asset mining ETF, which was approved by the SEC in December of last year.
Following ProShares and VanEck, Valkyrie became the third business to receive SEC clearance to market a bitcoin futures ETF in October.
The planned fund will have a 0.75 percent management fee and will invest in both domestic and international companies, including those from emerging market countries as defined by the FTSE Emerging Index.
