Just a few days after the SEC delayed its Bitcoin ETF again, VanECK is changing tact. The investment firm has now announced the filing of a Bitcoin Futures Mutual Fund with the SEC. It has stated that the new fund will not get involved in Bitcoin directly.
Instead, it will invest through BTC futures, among other exchange-traded crypto products. The firm has also announced that its investment in BTC futures will be through its subsidiary domiciled in the Cayman Islands.
VanECK stated that despite investing in Bitcoin futures through a subsidiary, the investment principles it will follow are those of the parent company. The only difference is that the non-U.S based subsidiary will have more leeway in investing in the BTC futures.
The firm has also announced that the new BTC futures fund will be put under Gregory Krenzer. Krenzer is the deputy portfolio manager of the VanECK Commodity Index Strategy. Krenzer is also in charge of active trading at the firm and has lots of experience in emerging markets, commodities, among other markets.
The move by VanECK points to exhaustion as the SEC continues to delay or reject Bitcoin ETF applications. The current delay is the second one that VanECK has faced this year.
Over the last 5-years, the SEC has delayed or outrightly rejected multiple ETF applications. The first one to face the SEC brick wall was the Winklevoss twins’ applications. While the U.S continues to delay or deny ETF applications, other countries like Canada are leading the way in approving them.