VanEck applies for digital asset mining ETF with US SEC
US asset management company VanEck has applied for an ETF related to digital asset mining companies with the US Securities and Exchange Commission on December 1.
As per the filing, 80% percent of the ETF portfolio will be used to invest in securities and stocks of companies that are engaged in mining-related businesses, and the remaining 20% will be invested in foreign currencies and depositary receipts. The ETF will not directly invest in crypto assets.
The documents also noted that the VanEck Digital Asset Mining ETF will track the price performance of the MVIS Global Digital Asset Mining Index. The MVIS index tracks those companies which generate or will likely produce at least 50% of their revenue from mining activities or related technologies.
VanEck is yet to offer details on the ETF’s ticker symbol, expense ratio, or listing date.
Investors in the United States have several ETFs listed on NASDAQ and other venues that offer exposure to the digital asset mining business. Bitwise Asset Management’s Crypto Industry Innovators ETF (BITQ) and Viridi Funds’ Cleaner Energy Crypto-Mining & Semiconductor ETF (RIGZ) have both seen significant growth since their launching.
The application of mining ETF comes as the US SEC unsurprisingly rejected VanEck spot Bitcoin ETF application citing investor risks. The move was expected as the Chairman of SEC Gary Gensler has repeatedly shown his preference for Bitcoin futures ETF rather than the ones investing in crypto assets directly.
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