Investment firm VanEck filed an outline with the US SEC for a Bitcoin strategy ETF with exposure to bitcoin futures and other investment vehicles on August 9. VanEck had unsuccessfully filed for a similar fund back in 2017.
The proposed fund wouldn’t directly invest in Bitcoin. But instead, it would provide exposure through Bitcoin futures contracts, pooled investment vehicles, and other exchange-traded products.
VanEck said the Bitcoin Strategy ETF would allow exposure through crypto ETFs listed and traded in Canada. The Cayman Islands-based subsidiary of VanEck will make the investments.
SEC chair Gary Gensler recently hinted he would be more open to accepting ETFs based on crypto futures rather than through direct exposure. Some companies filed similar “strategy” ETFs with the government body following Gensler’s announcement. Recently, investment firm Invesco also announced its plan to launch a Bitcoin ETF without direct exposure.
The SEC has yet to approve any Bitcoin ETF in the United States. However, VanEck, Valkyrie Digital Assets, Fidelity Investments, and others have filed their own proposals for crypto ETFs.
