VanEck has a history of filing for a Bitcoin ETF, thus far without success. However, after yet another delay in the current ETF filing, VanEck has decided to file again with the Securities and Exchange Commission (SEC), and this time for a new Bitcoin Futures Mutual Fund.
The new filing, called the Bitcoin Strategy Fund, will invest in Bitcoin futures contracts and also exchange-traded products and pooled investment vehicles that all offer exposure to Bitcoin rather than direct investment in the asset.
The fund will be managed by Gregory Krenzer, the deputy portfolio manager at the VanEck Commodity Index Strategy. He has been with VanEck since 1994 and has much experience in commodities, emerging markets, and also financial markets globally.
VanEck has a fully-owned subsidiary operating out of the Cayman Islands, that will give it exposure to Bitcoin futures. According to the VanEck filing prospectus:
“The subsidiary has the same investment objective as the fund and will follow the same general investment policies and restrictions, except that unlike the fund, it may invest without limit in Bitcoin futures,”
The current VanEck ETF filing has been pushed back by the SEC for the second time this year, and this latest review period is to last 45 days. The SEC is requesting more public comments on the filing before making up its mind on whether to pass a US Bitcoin ETF for the very first time.
Many Bitcoin ETFs have been rejected by the SEC in the past few years. Currently there are 8 ETF filings under consideration, which include the likes of the Valkyrie Bitcoin Fund, Galaxy Bitcoin ETF, and the Greyscale Bitcoin Trust.
Outside of the US, ETFs are being given the green light. Canada now has several Bitcoin ETFs, including one that launched on the Toronto Stock Exchange in April. This is managed by Canada-based investment fund manager 3iq in partnership with Coinshares.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.