Following a number of statements this week from the U.S. Securities and Exchange Commission’s (SEC) Gary Gensler, wealth management firm Vaneck has filed for a bitcoin futures exchange-traded fund (ETF).
Vaneck Files for a Bitcoin Futures-Focused Fund Called the Bitcoin Strategy ETF
On August 10, the wealth manager Vaneck filed an application with the SEC in order to list the “Bitcoin Strategy ETF,” a fund that seeks “capital appreciation.” The fund will be an actively managed ETF that leverages bitcoin futures, pooled investment vehicles, and other ETFs that provide exposure to bitcoin (BTC).
The latest Vaneck bitcoin ETF filing stresses: “The Fund does not invest in bitcoin or other digital assets directly.” The Bitcoin Strategy ETF will utilize bitcoin futures under the laws of the Cayman Islands, and it may also invest in “ETFs listed and traded in Canada, and exchange-traded products that provide exposure to bitcoin through the subsidiary.”
Vaneck currently commands $63 billion in assets under management (AUM) and has been involved with bitcoin (BTC) for quite some time. At the end of June, Vaneck applied with the U.S. regulator to launch a bitcoin mutual fund, and the company is also hoping for approval for another bitcoin ETF that was filed back in December 2020.
Vaneck is further shooting to provide an ethereum (ETH) exchange-traded fund as well. Last week, SEC Chair Gary Gensler outlined the regulator’s plans to regulate crypto assets and discussed crypto ETFs. Gensler’s statements seemed optimistic in regard to crypto ETFs when he said he looks “forward to the staff’s review of such filings, particularly if those are limited to these CME-traded bitcoin futures.”
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