VanEck has filed an application with the Securities and Exchange Commission (SEC) for a Bitcoin Strategy Fund that will invest in bitcoin futures contracts, exchange-traded products (ETPs), and pooled investment vehicles.
VanEck, a financial services corporation, has submitted yet another application with the Securities and Exchange Commission (SEC), this time for a Bitcoin Strategy Fund, a bitcoin futures mutual fund. This fund invested in bitcoin futures contracts and pooled investment vehicles and exchange-traded instruments with bitcoin exposure. The Bitcoin Strategy Fund, according to VanEck, does not invest directly in bitcoin.
VanEck has filed a new bitcoin futures mutual fund with the Securities and Exchange Commission.
According to the petition, the planned fund will invest in “some” bitcoin futures through a Cayman Islands-based subsidiary. At the end of each quarter of the fund’s fiscal year, the fund’s investment in the subsidiary will not exceed 25% of the fund’s total assets. The fund may also invest in restricted securities, such as private investment funds, purchased via unregistered, private sales from an issuing corporation. This year, Bitcoin acquired much mainstream exposure as more and more organizations began to invest in the leading cryptocurrency.
The SEC continues to postpone its decision on the BTC ETF.
For fear of investor danger, the US Securities and Exchange Commission is unwilling to allow anything that provides direct exposure to bitcoin, which is why VanEck emphasizes the importance of avoiding investing directly in bitcoin. This has been one of the main talking points in the current SEC study of ETFs, which now includes many of them. The application joins a slew of others filed by VanEck, hoping that the SEC will accept one shortly. The crypto community had expected that with the change in administration in the United States, a BTC ETF would be approved, but this did not happen.