VanEck, a prominent asset management firm, has filed an application with the U.S. Securities and Exchange Commission (SEC) to introduce an “Onchain Economy ETF.” This proposed exchange-traded fund proposes to invest in companies engaging in the cryptocurrency industry, which includes a wide range of businesses.
The ETF will primarily focus on “Digital Transformation Companies,” encompassing a broad spectrum of entities contributing to the digital asset ecosystem. This includes software developers, mining firms, exchanges, infrastructure providers, payment companies, and other related businesses.
The filing indicates that the fund will invest at least 80% in these digital transformation companies and digital asset instruments. The ETF will primarily gain exposure through instruments like commodity futures contracts and exchange-traded linked vehicles rather than holding cryptocurrencies directly.
This move by VanEck signifies a growing trend among financial institutions anticipating favorable regulatory changes for crypto ETFs. It follows recent approvals of spot Bitcoin and Ether ETFs, suggesting a potential shift in the SEC’s stance towards crypto-related investment products.
The SEC will now review VanEck’s application, and the approval process could take several months. If approved, the Onchain Economy ETF would provide investors with a regulated and diversified way to gain exposure to the broader cryptocurrency industry.
