VanEck filed a proposal to set up a Bitcoin fund with the US Securities and Exchange Commission (SEC). The fund’s activities mostly invest in BTC futures contracts.
According into the proposal form filed with the SEC on June 21, the “Bitcoin Strategic Investment Fund” (Bitcoin Strategy Fund) VanEck will invest in Bitcoin futures in addition to synthetic investment tools and trading products which provide Bitcoin exposure.
Accordingly, the fund will Indirect invest in Bitcoin or other cryptocurrencies. The finance’s kind of operation is exposure to certain BTC futures contracts via a subsidiary based in the Cayman Islands.
“The subsidiary shares the same investment objectives as the finance and is certainly subject to the same investment policies and limitations, except that it can invest unlimitedly in Bitcoin futures.”
The investment portfolio of the “Bitcoin Strategic Investment Fund” will be handled by Gregory Krenzer, Deputy Portfolio Manager of VanEck Commodity Index Strategy Fund. Gregory Krenzer can also be Head of Trading with extensive experience in trading commodities, natural resources or emerging markets… He has been with VanEck since 1994 and has over 25 years of experience. Financial and worldwide markets.
This is the most recent entry from VanEck, which comes only days after the SEC postponed the acceptance of VanEck’s Bitcoin ETF and Bitcoin Trust. This is the second time this season that the SEC has delayed approval of VanEck’s proposal, citing the need to gather more public comments and extend the review period by 45 days.
Since Cameron and Tyler Winklevoss first attempted to get SEC approval for a Bitcoin ETF in 2017, the agency has rejected multiple efforts to establish a similar product. Up to now, no device has been approved by the SEC for a Bitcoin ETF.
Meanwhile, a number of other nations like Canada have been growing Bitcoin ETFs. For instance, the Bitcoin ETF by 3iQ and Coinshares was launched on the Toronto Stock Exchange (TSX) in April 2021.
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