VanEck has filed an application for an exchange-traded fund (ETF) to track Bitcoin (BTC/USD) and gold mining companies. VanEck has filed this application with the US Securities and Exchange Commission.
filing for this ETF comes as anxiety grows over the crypto regulatory framework in the United States. The US President is expected to sign an executive order this week regarding cryptocurrencies and their regulation.
VanEck files for a fresh ETF
VanEck is an investment firm with around $82 billion in assets under management (AUM). A filing with the SEC says that the new fund will focus on gold mining firms and cryptocurrency mining companies. The ETF will not invest in cryptocurrencies.
The SEC has been hesitant in approving crypto-related ETFs, but in October, it approved a Bitcoin futures ETF. However, the decision to approve this new ETF filing by VanEck could be delayed, given that the US is on the to setting a clear regulatory framework. The SEC is among the federal agencies that have been under scrutiny for failing to regulate the cryptocurrency sector fully.
In November, the SEC rejected a VanEck Bitcoin spot ETF filing. The SEC is yet to approve any spot crypto ETF, and there could be more delays in approving such funds depending on the effects of the executive order to be signed this week. Besides VanEck, other investment firms have also filed for spot Bitcoin ETFs including Grayscale, the world’s largest digital asset management firm.
VanEck’s crypto ventures
Earlier in the year, VanEck unveiled its first cryptocurrency fund. This fund was an exchange-traded note (ETN) currently listed in Deutsche Borse Xetra and the SIX Swiss exchange. The fund provides exposure to a wide range of cryptocurrencies. These include Bitcoin, Ethereum, Solana, Polkadot, Avalanche, Polygon and Tron.
In April 2020, VanEck announced another major move in the crypto space. It launched a Digital Transformation ETF (DAPP) that invests in companies in the crypto sector. These firms include exchange platforms, mining companies and other crypto-related stocks. VanEck also has a Bitcoin Strategy Fund (XBTF) that invests in Bitcoin futures contracts settled by cash.
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