Key Insights:
VanEck proposed an ETF that would track the performance of Gold and BTC mining.
The ETF would not invest in digital assets directly or via derivatives.
Notably, the SEC had denied a VanEck ETF in November that was supposed to hold BTC.
Global investment manager VanEck has submitted an application to the United States Securities and Exchange Commission (SEC) for the launch of a new exchange-traded fund (ETF) for tracking gold mining and Bitcoin (BTC) mining companies.
Gold and BTC Mining
VanEck has laid down the proposal for an ETF to track bitcoin and gold mining.
According to a recent regulatory disclosure, the firms Gold and Digital Assets Mining ETF would essentially track the securities within an index tracking the performance of gold mining and digital assets mining businesses.
The ETF would not invest in digital assets directly or via derivatives. However, the filing did not indicate a ticker or expense ratio.
About VanEcks proposed ETF crypto editor and analyst Sumit Roy said,
The SEC document filed on March 3 would focus on securities in an index that reflects the performance of gold mining and digital assets mining firms.
The recent proposal aligns with VanEcks proposal released in December about gold and Bitcoin strategy ETF. The fund would be backed by futures contracts, exchange-traded products (ETPs), and other investments linked to gold and bitcoin.
That said, it is notable that the SEC had denied a VanEck ETF in November that was supposed to hold BTC. Until now, the regulators have been apprehensive about a spot traded ETF.
VanEcks ETF Race
In early 2021 the US-based investment manager introduced its Digital Transformation ETF, which invests in firms that provide cryptocurrency exchanges, miners, and crypto-related stocks.
One of VanEck‘s largest US ETFs is its gold miners fund (GDX), launched in 2006. The gold miners’ fund has about $14.5 billion of assets. Overall, VanEck has around $63 billion assets under management across more than 60 ETFs in the US.
Reportedly media organizations are expecting a crypto-related product – VanEck Digital Assets Mining ETF, to launch this Wednesday.
On March 5, Cboe Global Markets had halted trading of the VanEck Russia ETF, which has dropped in price since Russia invaded Ukraine last week.
