Valkyrie Bitcoin Miners ETF (WGMI) Approved for Trading on NASDAQ

Valkyrie’s Bitcoin Miners exchange-traded fund (ETF) has been approved for listing on the U.S. stock exchange Nasdaq Stock Market under the ticker symbol “WGMI.”

• According to a U.S. Securities and Exchange Commission (SEC) filing on Monday (February 7, 2022), Nasdaq gave approval for the Bitcoin Miners ETF from crypto asset manager Valkyrie to be listed and traded on the exchange.
• The latest development comes less than a month after Valkyrie filed an application with the SEC to list the fund. The company’s filing noted that the Bitcoin Miners ETF would invest at least 80% of its net assets in 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.”
• Also, Valkyrie noted that it would focus on crypto mining firms that use green and renewable energy for their mining activities. The company’s Bitcoin Miners ETF is scheduled to begin trading on Nasdaq on Tuesday, February 8, 2022.
• While Valkyrie is set for the debut trading of its Bitcoin Miners ETF, it is not the first fund from the company to be approved.
• Back in October, the crypto firm’s Bitcoin futures ETF became the second such product in the United States after ProShares’ to receive the green light from the SEC. Valkyrie’s Bitcoin Futures ETF was also listed on Nasdaq.
• Meanwhile, the SEC continues to be reluctant to approve a spot Bitcoin ETF. In January, the securities watchdog turned down a proposal from SkyBridge, stating that the company did not meet the requirements.
• Other applicants who have met the same fate include Valkyrie and Kryptoin. Recently, the SEC delayed its decision on Grayscale’s application to convert its Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin ETF.