The asset manager VanEck applies again for an exchange-traded Bitcoin strategy fund. The asset manager tried to set up a similar fund four years ago.
According to documents from the US securities regulator, the SEC, VanEck filed a prospectus for an exchange-traded Bitcoin strategy fund (ETF) on August 9th. Unlike the Bitcoin (BTC) or Ether (ETH) ETFs currently under review by the agency, the proposed fund would not invest directly in BTC. This would work with bitcoin futures, pooled investment vehicles, and other exchange-traded products.
VanEck said the Bitcoin Strategy ETF would allow investment in Canadian crypto ETFs. This should also include the ETFs from Purpose Investments and Evolve Funds Group. A Cayman Islands-based subsidiary of the asset manager will make these investments.
VanEck filed a similar prospectus for a Bitcoin strategy ETF in 2017. SEC chairman Gary Gensler recently indicated he would be more likely to accept ETFs based on crypto futures as a direct investment. Some companies, after Gensler’s comment, submitted similar “strategy” ETFs to the regulator. The investment firm Invesco announced on August 5th that it would launch a Bitcoin ETF without a direct investment.
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The SEC has not yet approved a Bitcoin ETF in the United States. However, VanEck, Valkyrie Digital Assets, Fidelity Investments and others have submitted their own proposals for crypto ETFs. In the past, the Commission has repeatedly postponed the decision or sought public opinion in order not to have to make a decision in favor of a fund.