Wealth Manager - the site for professional investment managers

Register to get unlimited access to Citywire’s fund manager database. Registration is free and only takes a minute.

VanEck to launch actively managed bitcoin ETF

VanEck to launch actively managed bitcoin ETF

 

VanEck is to launch an actively managed exchange-traded fund (ETF) that invests in bitcoin-linked derivatives, the VanEck Vectors Bitcoin Strategy ETF, according to a Securities and Exchange Commission filing.

The fund will not directly invest in bitcoin, but rather in US exchange-traded bitcoin-linked derivative instruments, pooled investment vehicles and exchanged-traded products that provide exposure to bitcoin.

While a management fee and portfolio management team have not been decided for the fund, the company warned that investors in the fund should be willing to accept a high degree of volatility in the price of the fund’s shares and the possibility of significant losses, given bitcoin is a new technological innovation with a limited history.

A VanEck spokesman confirmed the contents of the filing, but declined to comment further.

In March, the SEC rejected an application from VanEck's Tyler and Cameron Winklevoss (pictured above) , the twin brothers famous for their dispute with Facebook founder Mark Zuckerberg, to let the Winklevoss Bitcoin Trust trade on the Bats exchange.

The agency rejected the fund on the grounds that the exchange would be unable to enter into necessary surveillance-sharing agreements, given that bitcoin is not regulated by any government.

Bitcoin plummeted as much as 18% immediately after the SEC rejected the Winklevoss twins’ ETF proposal.

Last month, Hargreaves Lansdown made the XBT Provider Bitcoin Tracker exchanged-traded note available to investors on its platform.

 

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
CIO Tapes 2: two warnings and a lot of optimism

CIO Tapes 2: two warnings and a lot of optimism

Our group of leading asset management CIOs see a lot of opportunities – and overseas investors are buying UK too

Play Wealth Manager Retreat 2017: size isn't everything

Wealth Manager Retreat 2017: size isn't everything

We asked our delegates at the Wealth Manager Retreat what they think about the recent wave of consolidation in the industry.

1 Comment Play CIO Tapes - part 3: 'passive funds are anti-capitalist'

CIO Tapes - part 3: 'passive funds are anti-capitalist'

Citywire recently gathered three of the UK's leading fund investment heads to discuss their hopes, fears and the issues that their jobs throw at them daily.

Read More
Your Business: Cover Star Club

Profile: Thomas Miller explains its post-restructure plans

Profile: Thomas Miller explains its post-restructure plans

Thomas Miller Investment’s (TMI) head of wealth Matt Phillips has strong opinions about many things

Wealth Manager on Twitter