Valkyrie's bitcoin mining ETF will list on Nasdaq tomorrow

Valkyrie's bitcoin mining exchange-traded fund is slated to list on Nasdaq at tomorrow's opening bell, according to a spokesperson for the issuer. 

Valkyrie filed a post-effective amendment for the Valkyrie Bitcoin Miners ETF on January 26, and then sought immediate acceleration of its effective date. Nasdaq joined the request today since the exchange approved the fund to list. It will begin trading tomorrow at the open under the ticker "WGMI."

The fund will invest in public companies in the bitcoin mining industry.It doesn't hold bitcoin directly, but rather invests in firms like Argo, Bitfarms, Hive and Marathon among others. It may invest up to 20% of its net assets in firms that hold the cryptocurrency on their balance sheet.

Additionally, its fact sheet commits that 80% of its holdings will be firms that utilize at least 50% renewable energy for their mining activities. 

WGMI is the third fund in a series of digital asset-focused ETFs the issuer plans to offer. It successfully brought a bitcoin futures ETF to market in October of last year, as well as the Valkyrie Balance Sheet Opportunities ETF, which invests in publicly traded firms with bitcoin exposure.

A spot bitcoin ETF has yet to reach the market due to a myriad of stalls and rejections from the Securities and Exchange Commission, including for Valkyrie's own offering. 

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Aislinn Keely joined The Block in the summer of 2019. She is a member of the outlet's policy team, holding down the legal beat. Before The Block, she lent her voice to the NPR affiliate WFUV, where she reported and anchored newscasts in addition to some podcast work. Aislinn is a proud Fordham Ram and editor-in-chief emerita of its newspaper. When she isn't writing or reporting, Aislinn is running and rock climbing.