An exchange traded fund (ETF) offering exposure to Bitcoin miners that gain most of their power from renewable energy sources will begin trading in
An exchange traded fund (ETF) offering exposure to Bitcoin miners that gain most of their power from renewable energy sources will begin trading in New York today.
The Valkyrie Bitcoin Miners ETF will trade under the ticker WGMI – a nod to the ‘we’re gonna make it’ meme embraced by crypto followers, with the initial portfolio’s largest holdings including Argo Blockchain PLC (LSE:ARB, OTCQX:ARBKF, NASDAQ:ARBK, ETR:0XP), Bitfarms (TSX-V:BITF) and Hive Blockchain, with allocations between 8%-10%.
The fund’s plan is to invest at least 80% of its net assets into companies that generate a minimum of 50% of their profit from mining the largest crypto currency.
Valkyrie said that the miners included in the portfolio use about 77% renewable energy in their business.
US listed ETFs with exposure to crypto miners, such as Bitwise Crypto Industry Innovators ETF, endured a tough start to the year as crypto prices plummeted.
However, their performance has improved slightly in the past few days as digital currency markets reached an apparent bottom last week, with Bitcoin last night climbing above US$43,000 for the first time in three weeks.
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