Nasdaq will list Valkyrie's ETF

The Valkyrie Bitcoin Miners ETF, the exchange-traded fund (ETF) that offers shares of bitcoin miners, has received approval from Nasdaq to list on the exchange under the symbol "WGMI".

The fund comes in with an expense ratio of 0.75% and is expected to start trading on Tuesday, according to a Valkyrie spokesperson.

The fund will invest at least 80% of its net assets in companies that derive at least 50% of their profits from bitcoin mining.

The fund's top five holdings (all with allocations in the 8% to 10% range) are Argo Blockchain (ARBK), Bitfarms (BITF), Cleanspark (CLSK), Hive Blockchain (HIVE), and Stronghold Digital Mining (SDIG). Names in the next five holdings (each 4% allotted) include Marathon Digital (MARA), Bit Digital (BTBT), and Digihost Technology (DGHI).

In keeping with the times, Valkyrie notes that the miners in the fund's portfolio use about 77% of renewable energy compared to the average renewable energy use across the United States of 31%.

Other US-listed ETFs that are heavily exposed to crypto miners include Viridi Cleaner Energy Crypto-Mining & Semiconductor ETF (RIGZ), and Bitwise Crypto Industry Innovators ETF (BITQ). Both ETFs had rough starts to the year along with the sharp drop in the bitcoin price but have bounced back in the past few sessions as bitcoin regained ground. Bitcoin has now crossed $44,000 for the first time since early January.

In October, Valkyrie became one of the first asset managers to offer indirect exposure to cryptocurrency through cash-settled contracts when it launched the Bitcoin Strategy ETF. At press time, the fund's shares are trading on the Nasdaq for $17.15, having gained more than 20% since dropping to $14.12 on Thursday.

Post a Comment

0 Comments