Lens1000
VIP Contributor
The crypto asset management has applied for clearance for another exchange-traded fund, only months after launching a Bitcoin futures-backed ETF on the New York Stock Exchange. However, this time, the company wants the new product to be solely for bitcoin mining companies.
The Valkyrie Bitcoin Miners ETF will invest at least 80% of its net assets 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, software, or other services to companies engaged in bitcoin mining," according to the Securities and Exchange Commission filing.
The debt instruments of BTC mining businesses can only be invested in at a maximum of 5%.
The new product, according to the prospectus, will not invest in bitcoin directly or indirectly through derivatives.
Valkyrie Funds LLC will serve as the ETF's investment advisor if it is approved, with Vident Investment Advisory serving as the sub-adviser.
The fund's managers could also chose to invest up to 20% of the fund's net assets in companies that have "a large amount of their net assets in bitcoin on their balance sheet or receive a significant portion of their revenue or profits directly from bitcoin mining, lending, or transacting."
The Valkyrie Bitcoin Miners ETF will invest at least 80% of its net assets 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, software, or other services to companies engaged in bitcoin mining," according to the Securities and Exchange Commission filing.
The debt instruments of BTC mining businesses can only be invested in at a maximum of 5%.
The new product, according to the prospectus, will not invest in bitcoin directly or indirectly through derivatives.
Valkyrie Funds LLC will serve as the ETF's investment advisor if it is approved, with Vident Investment Advisory serving as the sub-adviser.
The fund's managers could also chose to invest up to 20% of the fund's net assets in companies that have "a large amount of their net assets in bitcoin on their balance sheet or receive a significant portion of their revenue or profits directly from bitcoin mining, lending, or transacting."
