VanEck, a leading investment management firm headquartered in New York, is seeking to launch an exchange-traded fund (ETF) linked to bitcoin price, CoinDesk reported.
The firm wants to have the ETF listed on the Nasdaq exchange, according to the SEC filing. The preliminary prospectus published on August 11, states:
“The Fund seeks to achieve its investment objective by investing, under normal circumstances, in U.S. exchange-traded bitcoin-linked derivative instruments (“Bitcoin Instruments”) and pooled investment vehicles and exchange-traded products that provide exposure to bitcoin (together with Bitcoin Instruments, “Bitcoin Investments”)…The Fund’s strategy seeks to provide total return by actively managing the Fund’s investments in Bitcoin Investments.”
In addition to bitcoin investments, the fund will also invest in US Treasury bonds, money market funds, and cash, among others.
VanEck’s recent efforts to launch bitcoin ETF follows similar but unsuccessful attempts by Gemini’s Cameron and Tyler Winklevoss and SolidX earlier this year. Whether the Securities and Exchange Commission (SEC) would approve VanEck’s bitcoin ETF remains to be seen.
Founded in 1955, VanEck offers actively managed investment portfolios in hard assets, emerging markets, precious metals including gold, and other alternative asset classes.
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