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VanEck ETN Adds Polygon and Avalanche to Its Crypto Investment Offerings

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Fri, 17/12/2021 - 10:09
VanEck ETN Adds Polygon and Avalanche to Its Crypto Investment Offerings
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VanEck, a New York-based investment management firm, is expanding its crypto offerings with two new ETNs on Avalanche and Polygon.

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The ETNs will allow investors to gain exposure to the price of Avalanche (AVAX) and Polygon (MATIC) without having to buy the cryptocurrencies directly.

Both ETNs are fully collateralized and each ETN share represents the share of Polygon or Avalanche. The ETNs are also 100% backed by the crypto platforms and stored in cold storage at a regulated crypto custodian with crypto insurance. VanEck also notes that ETNs are tradeable like an ETF on regulated exchanges.

By this, Polygon and Avalanche join the likes of Bitcoin, Ethereum, Polkadot, Solana and Tron in the list of ETNs that the firm offers.

Exchange-traded notes (ETNs) are similar to exchange-traded funds in that they trade on a stock exchange and track a benchmark index. The key difference is that an ETN is a senior, unsecured debt security issued by a bank—unlike an ETF, which holds assets that are the basis of the price of the ETF.

In November, the U.S. Securities and Exchange Commission rejected a proposal to list a spot Bitcoin exchange-traded fund (ETF) from VanEck, only to approve VanEck's Bitcoin futures-based fund later on.

VanEck continues to expand its current crypto offerings in Europe, which now consist of seven exchange-traded notes.

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