Investment firm VanEck has filed an exchange-traded fund (ETF) that invests in Bitcoin (BTC) mining and gold mining companies. SEC filings show that the firm — which boasts of nearly $82 billion in assets under management AUM, submitted the application to the United States Securities and Exchange Commission (SEC) on March 3.
Meanwhile, the SEC document indicates that the fund will focus on securities in an index that tracks the performance of digital assets mining and gold mining firms. That is, It would not invest in digital assets or cryptocurrencies, either directly, or through derivatives. But the document does not mention anything about a ticker or cost ratio.
Also, the news of VanEck’s proposed fund comes as news that Biden will sign an executive order on crypto within the week, is making rounds. As earlier reported by BinBits, the order will direct the Justice Department and other relevant federal agencies, including the SEC, to submit reports on what measures they’ve taken so far, especially as it concerns digital assets. However, the reports must be in within a 180-day window.
Recall that Biden’s administration has been under fire for not providing enough clarity on cryptocurrency regulation.
VanEck ETF Journey
Back in November, the SEC rejected a VanEck ETF that was looking to buy BTC directly. The rejection was despite the years of clamor by the industry big players that the SEC should approve such a fund. However, the regulator has continued to maintain its stance on the matter.
Although, all hope may not be lost for the approval of such ETFs in the future. Especially as the groundwork for regulating the crypto space is being laid at the moment. It just may be that the regulators are delaying, so as to buy enough time for more solid regulatory framework to be put in place.
Meanwhile, VanEck introduced its Digital Transformation ETF (DAPP) in April 2021. The DAPP invests in firms that provide cryptocurrency exchanges, miners, and other crypto-related stocks. Also in 2021, the investment firm launched its Bitcoin Strategy Fund (XBTF), which invests in cash-settled Bitcoin futures contracts.
However by early 2022, VanEck announced the creation of its first cryptocurrency fund. The fund is listed on the Deutsche Boerse Xetra and SIX Swiss exchanges as an exchange-traded note, or ETN, with exposure to BTC, ETH, DOT, SOL, TRX, AVAX and MATIC.