Cryptocurrency asset manager Valkyrie has applied to list a bitcoin miners exchange-traded fund (ETF) with the U.S. Securities and Exchange Commission (SEC). The ETF will offer investors exposure to stocks in bitcoin mining companies on the Nasdaq.

Russian President Vladimir Putin has halted the Bank of Russia’s recent call to ban cryptocurrency in the country, asking officials in a video conference to hold talks on cryptocurrencies.

The Diem Association, the consortium Facebook founded in 2019 that was looking to issue a new user-friendly stablecoin, is reportedly selling its technology to Silvergate Capital for $200 million.

Top stories in the Crypto Roundup today:

• Valkyrie Files to List Bitcoin Miners ETF
• Vladimir Putin Halts Russian Central Bank’s Push to Ban Crypto
• Diem to Sell Assets to Silvergate Bank
• What Is a Gold-Backed Cryptocurrency?

Valkyrie Files to List Bitcoin Miners ETF

Cryptocurrency asset manager Valkyrie has applied to list a bitcoin miners exchange-traded fund (ETF) with the U.S. Securities and Exchange Commission (SEC). The ETF will offer investors exposure to stocks in bitcoin mining companies on the Nasdaq.

The Valkyrie Bitcoin Miners ETF will invest at least 80% of its assets in securities of firms that derive a minimum of 50% of their profit from activities related to BTC mining. The remaining 20% of its net assets may be invested in firms that hold bitcoin on their balance sheets.

The fund’s risk disclosure points out that it could be impacted by cryptocurrency price movements. The filing details Valkyrie is looking to list the ETF on Nasdaq.

Valkyrie’s fund is similar in composition to one from VanEck, which applied to the SEC to launch a digital asset mining fund last month.

Vladimir Putin Halts Russian Central Bank’s Push to Ban Crypto

Russian President Vladimir Putin has halted the Bank of Russia’s recent call to ban cryptocurrency in the country, asking officials in a video conference to hold talks on cryptocurrencies.

In the conference, Putin acknowledged there are “certain risks, first and foremost to citizens of the country, given significant volatility,” but directed his agencies not to neglect the advantages Russia has in the area.

"We also have here certain competitive advantages, especially in so-called crypto-mining. I mean surplus in electricity and well-trained teams present in the country."

Putin’s words come after Russia’s central bank revealed a proposal to ban cryptocurrency transactions and mining in the country.

Diem to Sell Assets to Silvergate Bank

The Diem Association, the consortium Facebook founded in 2019 that was looking to issue a new user-friendly stablecoin, is reportedly selling its technology to Silvergate Capital for $200 million.

The Californian bank, which is known for serving cryptocurrency companies, had last year reached a deal with Diem to issue some of its stablecoins.

The partnership between Silvergate and Diem would see the latter register as a money services business with the Financial Crimes Enforcement Network (FinCEN) while the former would be the issuer of the Diem USD stablecoin and manage the reserve backing of the token.

The U.S. Federal Reserve expressed concerns about the plan and wouldn’t guarantee it would approve it. The sale to Silvergate Bank represents an effort to squeeze some remaining value from the venture that was met with staunch opposition from regulators.

What Is a Gold-Backed Cryptocurrency?

Gold has historically always held value. The precious metal isn’t just used as a component of decorative jewelry: it has often been used as a currency and as an investment. Gold-backed cryptocurrencies essentially bring gold to the blockchain.

Bringing gold onto the blockchain makes it easier to transact with gold and could even allow it to become an efficient medium of exchange. Nevertheless, gold-backed cryptocurrencies have historically struggled to gain widespread adoption.

In this guide, we looked into why investors with exposure to cryptocurrencies would want a gold-backed cryptocurrency and the pros and cons of such a digital asset. We will also mention some of the top gold-backed cryptocurrencies in circulation.

State of the Crypto by Top Tier Exchange Volume

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