The Valkyrie Bitcoin Miners, the exchange-traded fund (EFT) that gives acknowledgement to the stocks of bitcoin miners, got a nod from Nasdaq for listing on the trade under the ticket “WGMI”.
Listing Requirements for NASDAQ
NASDAQ has four main requirements for listing. Each company must fulfil at least one of the four provisions sets along with the main rule for all companies.
1. Must have an aggregate pre-tax achieving in the last 3 years of at least $11 million, in the last 2 years at least $2.2 million and no loss in the last 3 years.
2. Must have a cash flow of at least $27.5 million for 3 fiscal years, with no negative cash flow in those 3 years. Average market capitalisation over the last 12 months must be at least $550 million and incomes in the last fiscal year must be $110 million.
3. Companies can be eliminated from cash flow requirements of the 2nd standard if their average market capitalisation over the last year is at least $850 million and revenues over the last fiscal year are at least $90 million.
4. Companies can remove the cash flow and income requirements and diminish their market capitalisation to $160 million if their entire investments total at least $80 million and their stockholders’ capital is at least $55 million.
The fund gets approval with an expense ratio of 0.75% and is expected to start trading shortly said the spokesperson of Valkyrie. The reserve will finance 80 per cent of its net properties in corporations that conclude a minimum of 50 per cent of their earnings from the mining of bitcoin.
The fund’s prime five holdings are as follows with allowances in the 8% to 10% range :
1. Bitfarms (BITF)
2. Argo Blockchain (ARBK)
3. Cleanspark (CLSK)
4. Hive Blockchain (HIVE) and
5. Stronghold Digital Mining (SDIG)
There are a few other holdings with 4% allowances:
1. Marathon Digital (MARA)
2. Bit Digital (BTBT)
3. Digihost Technology( DGHI)
Valkyrie also notes that the miners in the fund’s portfolio utilize about 77% renewable power, about average renewable power usage throughout the U.S of 31 per cent.