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Digital currency asset manager Valkyrie has applied for a new exchange-traded fund (ETF) with the U.S. Securities and Exchange Commission (SEC )that focuses on the bitcoin mining sector.
According to a January 26 filing with the SEC, the fund will invest at least 80% of its net assets into firms that make at least 50% of their revenue from the bitcoin mining industry. The ETF should be listed on Nasdaq, just like Valkyrie’s Bitcoin futures ETF, which trades under the ticker “BTF.”
Valkyrie’s SEC filing reveals:
“The fund is an actively-managed exchange-traded fund 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.”
Valkyrie’s recent application also explains the risks involved with bitcoin investments and notes that the fund will be “indirectly exposed to the risks of investing in bitcoin” and that bitcoin is still considered a “new and highly speculative investment.”