VanEck Files for a “Bitcoin Strategy ETF” After SEC Chair’s Positive Signal

2021-8-10 18:41

VanEck has filed for a “Bitcoin Strategy ETF” with the US Securities and Exchange Commission (SEC), which will hold bitcoin futures and other bitcoin funds.

In 2017, VanEck unsuccessfully attempted to list such a fund with the SEC, but now that SEC Chair Gary Gensler has signaled that he is open to an exchange-traded fund backed with Bitcoin futures, four such filings have been made under the 40 Act.

The investment firm, as such, is now resubmitting the application with some amendments and is hopeful for approval, given that future markets have matured significantly in the past four years.

Much like Invesco, which filed its Bitcoin ETF last week, VanEck clarified that “the Fund does not invest in bitcoin or other digital assets directly.”

The fund will be an actively managed ETF that will provide exposure to Bitcoin Futures, pooled investment vehicles including ETFs listed and traded in Canada, and exchange-traded products (ETPs) invested in bitcoin, according to the filing.

These investments will be made through a Cayman Islands-based wholly-owned subsidiary of VanEck.

In June, the firm also filed a similar prospectus for a bitcoin futures mutual fund, managed by Gregory Krenzer, just like the latest fund.

While the Bitcoin, Ether, and crypto ETF applications continue to pile on the SEC's desk, running in double-digits, the SEC has yet to approve a single crypto ETF. But with Gensler’s recent comments, a product with futures products may finally get approved.

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