The SEC said that the application had not met the standard required to protect investors and the public interest and ensure fraudulent acts were prevented. In December, Valkyrie was denied permission to list and trade the Valkyrie Bitcoin Fund (proposed direct exposure to Bitcoin). Notably, a spot ETF is yet to qualify as worthy for approval in the eyes of US regulators. It is, however, important to note that these portfolio allocations could change at any time. The current portfolio also includes a 4% allotment to a host of other holdings, including DMG Blockchain Solutions, Marathon Digital Holdings, Bit Digital, Digihost Technology, and Power & Digital Infras. CleanSpark and Hive Blockchain shall have a 9% allocation each, and Stronghold Digital Mining an 8% share. The fund has allocated the largest share to Argo Blockchain and Bitfarms, 10% to each one. This tends to raise profitability," CEO of Valkyrie Investments Leah Wald said. "We have found that mining companies that went the extra step here, versus carbon-neutral pledges or other initiatives, tend to maintain a lower overhead because renewable energy often costs less than other sources. These energy sources provide 31% of all energy consumed across the US. True to its focus on sustainability, the fund has invested in firms obtaining approximately 77% of their energy from renewable sources. The other 20% shall be invested in companies that hold " a significant portion of their net assets" in Bitcoin or cryptocurrencies. The ETF shall invest 80% or more of its assets in company securities for projects that derive at least half of their profit from crypto mining or deal in crypto-related hardware or software. The ETF goes live on the Nasdaq under the WGMI ticker – a contraction of WAGMI (we're all gonna make it) and is expected to run an expense ratio of 0.75%. Known as the Valkyrie Bitcoin Miners ETF, the fund be largely fixated on publicly traded mining firms that get at least 50% of their energy from renewable sources. Valkyrie, an asset management firm focused on crypto and traditional finance initiatives is today launching a Bitcoin-related ETF. The Valkyrie Bitcoin Miners ETF shall invest in firms whose power consumption is primarily denominated in renewable energy.
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