By
Steve Muchoki
April 23rd, 2024
While the firm is all about pushing for the launch of a Bitcoin ETF, it is also investing in the public in advance to gain a good grasp of the technology backing digital currencies.
An exchange-traded fund (ETF) and mutual fund manager VanEck has launched its flagship multi-token cryptocurrency fund, extending its foothold as one of the pioneers of digital currency investment vehicles. As announced by the firm, the fund was launched by its European subsidiary last week, and the Exchange Traded Note (ETN) floated was on the Deutsche Borse Xetra and the SIX Swiss Exchange.
The fund will allow all qualified managers to invest in a selected basket of the largest cryptocurrencies with the greatest liquidity. The featured digital currencies include Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Tron (TRX), Polkadot (DOT), Avalanche (AVAX), and Polygon (MATIC). While the investment firm said it will continue to push for the launch of a spot Bitcoin ETF product in the United States, it re-emphasizes how well its products are hitting new milestones in Europe.
“We were first to market in Europe with many of these exposures because we’re believers in the transformative nature of the underlying technologies, and because providing exposure to transformative investments is at the core of our firm’s DNA,” said Gijs Koning, co-head of VanEck Europe. “In early 2017, we determined that digital assets could provide a store of value alternative to currencies and gold, as well as a host of technology solutions that could bring down costs in the payments and investing industries.”
Digital currencies have undoubtedly come a long way with new innovations making their way into the mainstream. VanEck has repositioned itself as a key factor helping to channel this advancement with the constant rollout of innovative products.
“As the digital assets ecosystem has continued to innovate and grow, we have as well, with a focus on providing professional pricing and indexing via our MV Index Solutions subsidiary, interfacing with global regulators on digital asset ETPs and related topics, publishing high-quality research across a variety of platforms, and building a global product lineup to help investors gain key exposures through transparent, regulated investment structures,” Gijs added.
VanEck and the Race for a Spot Bitcoin Fund
VanEck is a prominent name when it comes to the push for a Bitcoin Exchange-Traded Fund launch in the United States. While the firm has experienced significant pushbacks from the United States Securities and Exchange Commission (SEC), its unrelenting efforts got it the position as one of the few fund managers with a functional Bitcoin ETF tracking the futures price of the premier cryptocurrency.
While the firm is all about pushing for the launch of a Bitcoin ETF, it is also investing in the public in advance to gain a good grasp of the technology backing digital currencies. This way, the firm believes both managers and investors will be a keep up pace with the future trends in the space to the benefit of all.
“Education must keep pace with innovation, and for us, the two go hand in hand,” added Mr. Sigel. “We’re excited about all we have built on the digital assets front at VanEck but are even more excited about all that is still to come.”