VanEck filed for a preliminary order for a Bitcoin futures mutual fund with the US Securities and Exchange Commission (SEC), after the cryptocurrency has been widely considered to be stable and its price predictions have held up.
Bitcoin futures are now being traded on regulated exchanges. This has moved the market away from unregulated exchanges and to a higher and more regulated trading environment. In addition, futures trading also has higher levels of transparency with the ability to see exactly who is buying and selling. This is important for investors as they will have greater visibility into the market and can make better-informed trading decisions.
VanEck, a market maker in Bitcoin, filed for a new Bitcoin Futures ETP with the U.S. Securities and Exchange Commission (SEC).
US investment management firm VanEck has filed an application with the Securities and Exchange Commission to establish a new bitcoin (BTC) futures fund.
According to a prospectus filed Monday, the new Bitcoin Strategy Fund will invest in bitcoin futures as well as mutual funds and exchange-traded products that offer exposure to bitcoin. The fund will not invest directly in bitcoin or other cryptocurrencies.
The Fund will have exposure to certain Bitcoin futures through its wholly owned subsidiary operating in the Cayman Islands. The subsidiary has the same investment objective as the fund and will follow the same general investment principles and restrictions, except that unlike the fund, it can invest in bitcoin futures without restrictions, the prospectus said.
The fund’s portfolio is managed by Gregory Krenzer, assistant portfolio manager for the VanEck Commodity Index strategy and head of active trading, who has extensive experience in commodities, commodity stocks and emerging markets. Krenzer joined Van Eck Associates Corporation in 1994 and has more than 25 years of experience in the international and financial markets.
Related: SEC warns about risks of bitcoin futures in mutual funds
This latest announcement comes just days after the SEC delayed approval of VanEck’s bitcoin ETF, VanEck Bitcoin Trust, for the second time this year. The SEC is seeking additional public comment and is extending the review period by 45 days.
Since Cameron and Tyler Winklevoss first tried to get SEC approval for a bitcoin ETF in 2017, the securities regulator has rejected numerous attempts to bring such a product to market and has yet to approve a BTC ETF. Meanwhile, other countries, such as Canada, continue to establish bitcoin ETFs. Bitcoin ETF companies 3iQ and CoinShares are expected to go public on the Toronto Stock Exchange in April 2023.The fund will be a direct-listing unit of VanEck Vectors Bitcoin Strategy ETF (the ETF), which will provide investors with the opportunity to gain exposure to the price movement of bitcoin. This Fund will invest exclusively in bitcoin futures contracts listed on the CFE or on other regulated markets in the U.S.. Read more about vaneck bitcoin etf sec and let us know what you think.
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