Valkyrie — a crypto asset management platform — requested the U.S Securities and Exchange Commission (SEC) for an exchange-traded fund (ETF) including firms that originate some of their revenue from Bitcoin (CRYPTO: BTC) mining.
What happened: CoinTelegraph reported Valkyrie’s proposal will allow indirect Bitcoin Miners ETF investment in the crypto asset with an 80% exposure to Bitcoin via firms that “derive at least 50% of their revenue or profits” by facilitating BTC mining or just mining the digital asset.
In October 2021, the platform initiated a Bitcoin Strategy ETF on Nasdaq with the ticker of BTF and a starting price of $25.52 per share.
“This Bitcoin Strategy ETF is a major leap forward for this asset class,” Valkyrie CEO Leah Wald said. “It enables investors to participate in the digital asset markets through a regulated, transparent product that trades on a trusted, reliable exchange and can be bought and sold as easily as any other investment currently available.”
See Also: Best Exchange-Traded Funds
Canadian authorities have already approved Purpose Investments, Fidelity and Evolve Fund Group, although there are many ETF applications under review in the U.S. Registered accounts can either completely offset or lessen Canadian clients’ capital gains tax payments by holding such ETFs.
BTF Price Action: Shares for the Bitcoin Strategy ETF were up 0.14% at $14.40 Wednesday afternoon.