VanEck, an investment firm with nearly $82 billion in assets under management, has filed with the U.S. Securities and Exchange Commission (SEC) to launch a new exchange-traded fund that invests in gold mining and Bitcoin (BTC) mining companies.
According to the SEC document filed on March 3, the fund will focus on securities in an index that reflects the performance of gold mining companies and digital assets. It would not invest in cryptocurrencies directly or through derivatives. However, no ticker or expense ratio was mentioned in the document.
VanEck ETF Trust Files with the SEC-VanEck Digital Assets Mining ETF https://t.co/pSaogEzRVW
— Exchange traded funds (@ETFsinfo) March 8, 2022
The news about VanEck’s proposed fund comes as concerns about a new round of US regulation are in the air. US President Joe Biden is expected to sign an executive order later this week outlining the country’s cryptocurrency strategy.
The order will instruct federal agencies, including the SEC, to file reports later this year on the measures they have taken regarding digital assets. The administration has come under fire for not providing enough clarity on cryptocurrency regulation.
In November, the SEC denied a VanEck ETF allegedly bought BTC directly. Despite the fact that figures from the sector have been arguing for a fund for years, the regulator has not yet approved such a fund. Now that the foundation for regulating the crypto space begins, regulators can delay the approval of such ETFs until a firmer regulatory framework is in place.
Related: Customer Demand Asks Charles Schwab File For Crypto Economy ETF
Earlier this year, VanEck announced the creation of its first cryptocurrency fund. The fund is listed on the Deutsche Boerse Xetra and SIX Swiss exchanges as an exchange-traded note, or ETN, with exposure to BTC, ETH, DOT, SOL, TRX, AVAX and MATIC.
In April last year, VanEck introduced its Digital Transformation ETF (DAPP), which invests in companies that offer cryptocurrency exchanges, miners, and other crypto-related stocks. The company also launched its Bitcoin Strategy Fund (XBTF), which invests in cash-settled Bitcoin futures contracts.