Valkyrie Planning to Launch a Bitcoin Mining ETF
Another way to invest in crypto is by looking at stocks that deal in that space
Despite the recent volatility of the cryptocurrency market, there is still seemingly bullish sentiment in the future of the space. Reflecting this is the recent announcement by crypto asset manager Valkyrie that they have submitted an application to the SEC to have their led ETF listed on the NASDAQ exchange to give investors a chance to invest in a collection of bitcoin mining companies.
On January 26th, Valkyrie submitted an application for the approval of their Valkyrie ETF Trust II. They explained:
“The Fund is an actively-managed exchange-traded fund (“ETF”) that will invest at least 80% of its net assets (plus borrowings for investment purposes) 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. The Fund will not directly invest in bitcoin, or indirectly through the use of derivatives or through investments in funds or trusts that hold bitcoin. Valkyrie Funds LLC (“Valkyrie” or the “Adviser”) serves as the Fund’s investment adviser and Vident Investment Advisory, LLC (“Vident” or the…
