Global investment manager VanEck has filed for a mutual fund that invests in “certain” Bitcoin futures through its Cayman Islands-based subsidiary.
The “Bitcoin Strategy Fund” won’t have any exposure to the spot price of the flagship cryptocurrency:
The Fund seeks to achieve its investment objective by investing, under normal circumstances, in bitcoin futures contracts (“Bitcoin Futures”), as well as pooled investment vehicles and exchange-traded products that provide exposure to bitcoin (together with Bitcoin Futures, “Bitcoin Investments”). The Fund does not invest in bitcoin or other digital assets directly.
The fund may also put some of its remaining assets into U.S. Treasuries, money market funds, municipal debt securities, and other investment vehicles.
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As reported by U.Today, VanEck filed applications for both Bitcoin and Ethereum exchange-traded funds earlier this year, but the U.S. Securities and Exchange is yet to approve either of them.
Last week, the SEC started seeking additional comments to confirm whether or not it should greenlight VanEck’s Bitcoin ETF proposal.
Vladislav Sopov
Dan Burgin