A Valkyrie Capital BTC mining ETF will debut on Nasdaq starting today and the ETF will be traded under the ticker symbol “WGMI” so let’s read more about it in today’s latest bitcoin news.
The Valkyrie Capital BTC mining ETF focused on renewable energy has recently been approved by the US SEC and it is set to go live today under the ticker “WGMI” which is a crypto community acronym for “We Are Gonna Make It.” The Bitcoin mining ETF is focused on companies that use at least 77% renewable energy and according to the application filed in January, 80% of the assets of the ETF are focused on companies that earn at least 50% of the total profits from BTC mining that requires massive amounts of energy with the network’s miners compete to solve complex solutions to earn coins and help secure the blockchain.
The Valkyrie Bitcoin Mining ETF’s biggest holdings are Argo Blockchain, Cleanspark, Hive Blockchain, Bitfarms, and Stronghold Digital Mining. Valkyrie Capital CEO Leah Wald said that the investors have an increased focus and desire to gain more exposure to BTC miners and Wald also cited the exodus of BTC miners from China to places such as New York and Washington state as a new reason behind the ETF.
According to the SEC filing, former Guggenheim Partners managing director Bill Cannon is the head of ETF portfolio management, and Steven McClurg is the founder of blockchain company Thesus Capital as the chief investment officer. Valkyrie’s BTC mining ETF is the biggest in the latest wave of ETFs that is focused on crypto. Earlier this month, Grayscale announced a future of Finance, and the ETF is focused on fintech companies.
Not all recent crypto-focused ETF attempts were successful, the SEC rejected applications from Fidelity and First Trust Advisors as well as Skybridge spot market BTC ETFs. The Corporate interest in crypto seems to be on the rise with the auditing company KPMG Canada announcing it invested in both ETH and BTC.
As recently reported, Crypto asset manager Valkyrie applies for ETF with the US SEC to trade them with exposure to BTC mining companies on the Nasdaq stock market. In the SEC filing, Valkyrie said that it’s BTC miners ETF will not invest in bitcoin but about 80% of the net assets would offer exposure to the crypto assets via the securities of companies that derive 50% of their revenue or profits from BTC mining or that provide hardware or software related to mining.
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