- VanEck files for new ETF focused on digital asset infrastructure companies.
- Fund will allocate 80% of assets to companies building crypto technology and infrastructure.
- Investment strategy excludes direct stablecoin exposure.
- Cayman Islands subsidiary planned to manage digital asset investments, capped at 25%.
- Filing follows recent crypto ETF submissions from Bitwise and Grayscale.
Asset management giant VanEck submitted a filing to the Securities and Exchange Commission for a new exchange-traded fund targeting companies developing digital asset infrastructure, marking its latest attempt to expand crypto-related investment options following the closure of its Ethereum futures ETF last year.
Infrastructure Investment Strategy
According to the SEC filing, the Onchain Economy ETF plans to invest at least 80% of its assets in “Digital Transformation Companies.” These include cryptocurrency exchanges, payment processors, mining operations, and infrastructure service providers.
The fund’s selection process emphasizes fundamental analysis, market trends, and strategic positioning within the digital asset ecosystem. “Digital Transformation Companies are selected based on a combination of fundamental analysis, market trends, the company’s strategic positioning within the digital asset ecosystem, and valuation,” the filing states.
Investment Restrictions and Structure
While seeking exposure to major digital assets by market capitalization, the ETF explicitly excludes stablecoins from its investment universe. To manage certain digital asset investments, VanEck plans to establish a Cayman Islands subsidiary, with exposure limited to 25% of total assets per quarter.
Market Context and Competition
The filing arrives amid increased activity in the crypto ETF space. In November, Bitwise filed for a 10 Crypto Index Fund ETF, while Grayscale submitted an application to convert its Solana Trust to an ETF in December 2023.
This development follows VanEck’s September 2023 decision to close its Ethereum futures ETF. The company’s Head of Digital Assets, Matthew Sigel, initially shared information about the filing on social media but later removed the post, likely due to SEC regulations restricting communication during the review period.
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