Valkyrie Bitcoin Miners ETF Begins Trading On Nasdaq

The Valkyrie Bitcoin Miners ETF WGMI will begin trading on the Nasdaq Stock Market on Tuesday.

What Happened: According to a filing from the U.S. Securities and Exchange Commission on Feb. 7, Nasdaq approved the ETF to be listed on the exchange.

The fund will begin trading with an expense ratio of 0.75% under the ticker “WGMI” — a well-known acronym for “we are gonna make it” in the crypto space.

According to the fund’s prospectus, the Valkyrie Bitcoin Mining ETF will invest in Bitcoin BTC/USD mining companies that use at least 77% renewable energy.

The actively managed ETF will invest at least 80% of its net assets (plus borrowings for investment purposes) in securities of companies that derive at least 50% of their revenue or profits from bitcoin mining operations.

“With 900 bitcoin awarded to miners every day, assuming a price of $50,000 per bitcoin, the global mining community can earn $45 million per day,” according to Valkyrie.

The ETF’s top holdings, with allocations between 8% to 10%, are Argo Blockchain ARBK, Bitfarms BITF, Cleanspark CLSK, Hive Blockchain, and Stronghold Digital Mining SDIG.

The fund also intends to allocate 4% toward  Marathon Digital MARA, Bit Digital BTBT, and Digihost Technology DGHI.

Price Action: Publicly traded Bitcoin miners rallied on Monday after Bitcoin reclaimed $44,000. MARA gained 10% and closed at a price of $25.58.