The United States and Russia are competing for supremacy in bitcoin mining.

Once upon a time, the United States and Russia competed to be the first to land a man on the Moon. The two countries appear to be resuming Cold War II: the battle for Bitcoin and crypto mining.

The crypto markets are green this morning in anticipation of today's Federal Open Market Committee (FOMC) meeting. While traders speculate on what the meeting could mean for the crypto markets in the short term, the US and Russia appear to be focused on the long game.

Valkyrie Bitcoin Mining ETF

Valkyrie, a major crypto asset manager, filed an application to list its own Bitcoin Mining exchange-traded fund (ETF) on the Nasdaq this morning. Because the ETF is made up of Bitcoin mining countries scattered across the United States, investing in it is essentially a bet on the US Bitcoin mining industry as a whole.

According to a filing with the Securities and Exchange Commission (SEC), Valkyrie intends to invest at least 80% of its net assets in securities of companies that derive 50% or more of their profits from Bitcoin mining.

If you recall, VanEck also filed with the SEC to launch its own Bitcoin mining ETF last month. While the fund has yet to receive approval, the growing stack of mining ETFs sitting on SEC Chairman Gary Gensler’s desk may start nudging the SEC towards acting.

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