Asset management firm VanEck on Wednesday launched a new exchange-traded fund (ETF) targeting companies building infrastructure for digital assets.
Specifically, the fund's structure avoids direct crypto exposure, as is typical of other ETFs, but retains exposure to the digital asset markets it develops.
The Onchain Economy ETF seeks to allocate at least 80% of its assets to “digital transformation companies” and digital asset tools as of January 15. SEC filing Reviewed by Decrypt.
These companies include companies that provide crypto exchanges, payment gateways, mining operations, and infrastructure services.
It also seeks to invest in companies that provide core technology, infrastructure and data center capabilities that support digital asset operations.
“Digital transformation companies are selected based on fundamental analysis, market trends, the company's strategic positioning in the digital asset ecosystem and an assessment,” VanEyck said in the filing.
But for digital asset instruments, VanEck said in its filing, the fund will avoid stablecoins to “target investments that offer the largest market capitalization of digital assets.”
It is not clear whether this statement applies to stablecoin issuers in general or only to their products and offerings. VanEyck did not immediately return. Decrypt's Request for feedback.
The fund plans to establish a Cayman Islands subsidiary to manage certain digital asset investments, with exposure to 25% of total assets on a quarterly basis.
VanEck's latest filing follows a wave of new crypto ETF filings. In November, Bitwise announced to A 10 Crypto Index Fund ETFWhen asking grayscale Change Solana's beliefs Last year in December to the ETF.
Wednesday's presentation follows VanEck's Closure In September of last year, his Ethereum futures ETF.
Matthew Sigel, VanEck's head of digital assets Canceled. According to a post about the filing, the proposal is being reviewed, possibly due to regulatory restrictions by the U.S. Securities and Exchange Commission prohibiting disclosure of certain details.
Edited by Sebastian Sinclair
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