Asset manager VanEck has filed for a Bitcoin Strategy ETF before the United States Securities and Exchange Commission (SEC).
Unlike the Bitcoin or Ether ETFs VanEck filed for earlier this year, and which still are under review by the federal agency, this time, the proposed fund would not invest in BTC directly but provide exposure through futures contracts and other exchange-traded products.
According to VanEck, the Bitcoin Strategy ETF would give its clients exposure through crypto ETFs listed and traded in Canada like those from Purpose Investments and Evolve Funds Group. A Cayman Islands-based subsidiary of the asset manager will execute all investments.
“Given these important protections, I look forward to the staff’s review of such filings, particularly if those are limited to these CME-traded Bitcoin futures,”Gary Gensler, SEC Chair
The reason for the new approach is a hint given by SEC Chair Gary Gensler, who recently leaked information that he would be more open to green-light exchange-traded funds based on crypto futures rather than through direct exposure.
Following this hint, other investment companies like Invesco also announced plans to launch a Bitcoin “Strategy” Fund soon.