The American company VanEck continues to try to launch a cryptocurrency ETF. The new fund will not be based on direct purchases of bitcoin, but will actually become an intermediary for Canadian ETFs.
Earlier, the chairman of the US Securities and Exchange Commission (SEC) Gary Gensler (Gary Gensler) said that the likelihood of approval of ETFs for cryptocurrency futures is much higher than the approval of a fund for direct investment in crypto assets. It seems that the words of the head of the SEC did not go unnoticed, and VanEck has applied to launch a new Bitcoin Strategy fund.
The document states that the funds of the fund will be placed in a Bitcoin ETF already traded in Canada. Most likely, we are talking about the funds of the companies Purpose Investments and Evolve Funds Group. In this case, the placement will be carried out by a legal entity registered in the Cayman Islands. Thus, the fund’s clients will not receive direct access to bitcoin.
VanEck’s lawyers filed the first application for a cryptocurrency ETF back in 2017, but then the regulator did not approve the launch of such a fund. Since then, however, the cryptocurrency industry has matured significantly, becoming more regulated.
Currently, the SEC is considering two applications from VanEck to launch direct ETFs for Bitcoin and Ether. Perhaps with the Bitcoin Strategy fund, the asset management company will be able to break through regulatory barriers.
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