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VanEck Files for New ETF to Track Crypto and Gold Mining Organizations

News
VanEck Files for New ETF to Track Crypto and Gold Mining Organizations

A new filing of VanEck with the SEC suggests that the firm may be seeking to offer a new ETF. The ETF tracks the spot value of securities offered by crypto and gold miners. 

The investment firm, with a valuation of over $82billion in assets under management, submitted their paperwork to the SEC on Thursday. The ETF in question abstains from tracking cryptocurrencies and gold directly or through derivatives.

VanEck Seeks SEC’s Permission to Offer an ETF Tracking Crypto and Gold Miners 

VanEck, a renowned investment fund, has applied with the United States Securities and Exchange Commission (SEC) for an ETF that tracks crypto and gold miners. The firm applied for the asset on Thursday, but there is no information regarding the ticker or cost ratio on the submitted paperwork.

The news of the firm’s application for an ETF with the SEC comes when the US expects the signing of the executive crypto order by President Biden. The order is expected to be announced this week after a delay due to the Russia-Ukraine woes.

It is not the first time VanEck has applied for similar assets with the SEC. The most famous incident came from last year when the SEC rejected their Bitcoin ETF application. The US top regulator turned down the asset as it sought to buy BTC directly. The SEC is waiting for a better regulatory framework to consider such an asset.

VanEck’s Journey With the Regulators

VanEck has been seeking to offer ETFs to its users for a long time. Last November, the company made news after the SEC declined their BTC ETF that sought to track the premiere crypto directly. That asset is not the only one that VanEck had ever applied for.

In January 2021, it applied for an ETF that would track the performance of digital assets aiming to encourage institutional adoption. The asset aimed to track the performance of industries that generated over 50% of their income from digital assets. In June 2021, it also applied with the SEC for BTC futures mutual fund. An excerpt from their prospectus read:

“The Fund seeks to invest in Bitcoin Investments so that the total value of the bitcoin to which the Fund has economic exposure is approximately 100% of the net assets of the Fund.”

It also applied for Ethereum futures ETF in August 2021. It clarified that the ETF would not invest directly in Ethereum but Ether futures contracts. It also applied for a Bitcoin futures ETF with the SEC in the same month. However, the BTC ETF applied for would also consist of other BTC funds away from futures.

In January 2022, VanEck also announced the creation of its first-ever cryptocurrency fund. The asset is listed on SIX Swiss exchanges and Deutsche Boerse Xetra as an ETN. It exposes its investors to BTC, ETH, MATIC, TRX, AVAX, SOL, and DOT.