The Nasdaq Stock Market will be seeing Valkyrie, a famed crypto asset manager, having an ETF with exposure to BTC mining firms on Tuesday. A spokesperson for the asset manager recently informed Cointelegraph that the firm’s BTC miners ETF will soon start trading on the stock market on Tuesday under the WGMI ticker.
According to a 26th January filing with the SEC, the vehicle for investment will not be offering direct exposure to Bitcoin, but around 80% of the net assets will be pushed through securities of companies. This will moderately be hinted towards those that derive at least 50% o their revenue from the mining of Bitcoin.
Nasdaq Stock Market To Host Valkyrie
The offering from Valkyrie towards the Nasdaq Stock Market does resemble the Direct Asset Mining ETF which was previously proposed by VanEck, an asset manager, back in December. The asset manager stated that it had planned on investing around 80% of the total assets in securities from the crypto mining firms, with the SEC expecting to reach a major decision on the funding or extend the appropriate deadline by the 14th of February.
In October 2021, Valkyrie because one of the first crypto asset managers to provide indirect exposure to crypto through a cash-settled contract when it went on to launch its Bitcoin Strategy ETF. At the time of the publication, the shares of the fund had been trading on the Nasdaq stock market for around $17.01, having accrued more than 20% since it dipped down to $14.12 on Thursday.
Despite the growing imminence of Valkyrie on the Nasdaq stock market, the SEC hasn’t yet approved the spot for Bitcoin ETFs in the country. This has also drawn forth criticism from most of the legislators and industry leaders that the current lack of regulatory clarity is severely holding the country back on the world stage.
