The new VanEck “Bitcoin Strategy Fund” will invest in BTC futures, joint investment vehicles and exchange traded products that provide Bitcoin exposure.
VanEck, a US management company, has requested from the US Securities and Exchange Commission a new Bitcoin Term Mutual Fund (BTC).
As shown in the prospectus released on Monday, the new “Bitcoin Strategy Fund” will invest in Bitcoin futures contracts and offer Bitcoin in the amalgamation of open investment tools and traded exchange products.
The fund will not invest instantly in BTC or other cryptocurrencies, but will invest in certain bitcoin futures contracts through its entirely owned subsidiary operating in the Caymans.
As stated in the prospectus: “The subsidiary and the fund have the same investment objectives and will follow the same general investment policies and restrictions, but unlike the fund, it can invest in Bitcoin futures without restrictions.” The fund’s investment portfolio will be managed by VanEck.
Managed by Gregory Krenzer, Deputy Portfolio Manager and Head of Active Trading at Commodity Index Strategy, he has comprehensive expertise in commodities, natural resource securities and fledgling markets.
Krenzer has been working at Van Eck Associates Corporation since 1994 and has quite 25 years of experience within the international and financial markets.
The latest document was released a couple of days after the US Securities and Exchange Commission postponed the approval of VanEck’s Bitcoin ETF VanEck Bitcoin Trust for the second time. Time of the year.
The SEC is seeking more public comments to extend the review period by 45 days. Since Cameron and Tyler Winklevoss first tried to obtain SEC approval of Bitcoin ETFs in 2017, securities regulators have repeatedly refused to launch such products and have not approved BTC ETFs so far.
At the same time, Canada and other countries have been promoting Bitcoin ETFs. 3iQ and CoinShares Bitcoin ETFs were listed on the Toronto Stock Exchange in April 2020.
