VanEck continues to push for U.S.-based Bitcoin product, files for Bitcoin futures
Asset management giant VanEck is relentless on its mission to launch a U.S.-based Bitcoin product despite multiple delays from the United States Securities and Exchange Commission. The investment manager has filed for yet another Bitcoin product, this time looking to launch a mutual fund that invests in “certain” Bitcoin futures.
The filing comes days after the SEC postponed its decision on rejecting or accepting the firm’s pending Bitcoin ETF application. According to the new application, the proposed Bitcoin Strategy Fund would invest in Bitcoin futures contracts through its Cayman Islands-based subsidiary. That being said, the fund will not directly invest in Bitcoin or other digital assets.
The Fund seeks to achieve its investment objective by investing, under normal circumstances, in bitcoin futures contracts (“Bitcoin Futures”), as well as pooled investment vehicles and exchange-traded products that provide exposure to bitcoin (together with Bitcoin Futures, “Bitcoin Investments”). The Fund does not invest in bitcoin or other digital assets directly.
As reported by BTC PEERS, VanEck has submitted applications for both Bitcoin and Ethereum exchange-traded funds earlier this year. The U.S. financial watchdog is yet to approve any of the filings. Instead, the SEC initiated a process to seek additional comments regarding VanEck’s Bitcoin ETF proposal.
Check our guide of the most promising crypto
