VanEck, an investment firm with total assets of nearly $82 billion, has applied to the US Securities and Exchange Commission (SEC) to launch a new exchange-traded fund (ETF) that invests in gold miners and Bitcoin (BTC) miners.
According to a SEC filing on Thursday, the fund will focus on securities in an index that reflects the performance of gold and mining companies on digital assets. You will not invest in cryptocurrencies directly or through derivatives. However, the document did not mention indicators or cost factors.
The news of the proposed VanEck fund comes as concerns about a new round of US regulation hang in the air. US President Joe Biden is expected to sign an executive order later this week outlining the country’s cryptocurrency strategy.
The order directs federal agencies, including the Securities and Exchange Commission, to report on actions they have taken on digital assets later this year. The administration has been criticized for not providing sufficient clarity to regulate cryptocurrencies.
In November, the Securities and Exchange Commission rejected the VanEck ETF, which would have bought BTC outright. Despite industry data that has favored a single fund for years, the regulator has not yet approved such a fund. Once there is a basis for regulating cryptocurrencies, regulators may delay approval of these ETFs until a more robust regulatory framework is in place.
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Earlier this year, VanEck announced the creation of the first cryptocurrency fund. The fund is listed on the Deutsche Boerse Xetra and SIX Swiss exchanges as a listing note or ETN with access to BTC, Ether (ETH), Polkadot (DOT), Solana (SOL), Tron (TRX) and Avalanche (AVAX). and polygon (Matic).
Last April, VanEck introduced the Digital Transformation ETF (DAPP), which invests in companies offering cryptocurrency exchanges, miners, and other crypto-related stocks. The company also launched the Bitcoin Strategy Fund (XBTF), which invests in cash-settled Bitcoin futures.
