VanEck, an investment management firm, has submitted a new filing with the US Securities and Exchange Commission (SEC) for a 'Digital Assets ETF.' According to the document, the new exchange-traded fund (ETF) will monitor the MVIS® Global Digital Assets Equity Index, focused on companies that operate cryptocurrency exchanges, payment gateways, mining operations, software services and equipment.
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VanEck says companies listed in the index must generate "at least 50%" of their revenues from crypto projects or projects that, when developed, have the potential to generate at least 50% of their revenues from the crypto industry. The ETF will reportedly invest approximately 80% in the index.
In December 2020, VanEck refiled to the SEC an application to launch a Bitcoin-ETF. The decision came more than a year after the company withdrew its last application (September 2019). The firm attempted to receive regulatory approval several times for this product, however, it has been unsuccessful so far.
However, the appearance of a Bitcoin-ETF might impact the development of bitcoin's price, JPMorgan analysts say. The strategists say the approval of a Bitcoin-ETF might eventually trigger outflow from the Grayscale Bitcoin Trust (GBTC). JPMorgan's Managing Director, Nikolaos Panigirtzoglou, says collapse of GBTC's premium because of bitcoin ETF "would likely have negative near-term implications" for the cryptocurrency itself.
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