EUR/USD 1.09423
-0.992%
Gold 3036.33
-2.501%
Oil 62.471
-5.781%
USD/JPY 146.825
0.520%
GBP/USD 1.28724
-1.731%
GBP/JPY 189.004
-1.200%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
On April 6, Ukrainian President Volodymyr Zelensky said on social media on April 5 local time that French Chief of the General Staff Thierry Burkhard and British Chief of Defense Staff Admiral Tony Radakin met with the Ukrainian military in Kiev. Zelensky said that all parties are making every effort to ensure Ukraines security, and the negotiations on the deployment of European partner security teams have made substantial progress and initial details.On April 6, the Russian Ministry of Defense issued a notice on the 5th saying that in the past 24 hours, the Ukrainian army had carried out 14 attacks on Russian energy infrastructure, resulting in power outages in Bryansk Oblast, Belgorod Oblast and other places, and residents were evacuated. The Russian side said that it has launched emergency repair work and strengthened air defense deployment for key facilities. In response, the General Staff of the Ukrainian Armed Forces responded that the Russian statement was not true.On April 6, Meta Platforms (META.O) released a new set of artificial intelligence models in its Llama series, Llama 4, on Saturday. There are a total of four new models in the series: Llama 4 Scout, Llama 4 Maverick and Llama 4 Behemoth. Meta said that all these models have been trained with "a large amount of unlabeled text, image and video data" to give them "extensive visual understanding capabilities." Meta AI has been updated to use the Llama 4 model in 40 countries. Currently, multimodal features are only available in English in the United States.Ukrainian President Volodymyr Zelensky lashed out at the U.S. Embassy on April 5, calling its statement "weak" and failing to blame Russia for the missile attack on the Ukrainian city of Krivyh.On April 5, OPEC+ major members reiterated that they must strictly abide by their oil production quotas after the group unexpectedly announced an accelerated pace of production increases, causing crude oil prices to plummet. According to a statement released by the group on its official website on Saturday, the OPEC+ Joint Ministerial Monitoring Committee (JMMC) noted that some member countries had failed to fully comply with production restrictions and had not further cut production as promised to make up for excess production. These countries were told to submit compensation plans by April 15. OPEC+ shocked the oil market last week when it announced that it would accelerate production increases. Delegates privately said the move was aimed at urging member countries such as Kazakhstan and Iraq to strengthen enforcement discipline.

VanEck proposes an exchange-traded fund to track Bitcoin and gold mining companies

Charlie Brooks

Mar 31, 2022 10:21

B2.png

 

Key Insights:

  • VanEck suggested an ETF to follow the success of gold and bitcoin mining.

  • The ETF would not invest directly in digital assets or via derivatives.

  • Notably, the SEC disallowed a VanEck ETF that was scheduled to contain BTC in November.


VanEck, a global investment manager, has filed an application with the Securities and Exchange Commission (SEC) to create a new exchange-traded fund (ETF) to monitor gold mining and Bitcoin (BTC) mining firms.

Gold and BTC Mining 

VanEck has proposed an ETF to track bitcoin and gold mining.


According to a recent regulatory filing, the firm's Gold and Digital Assets Mining ETF would effectively follow the securities inside an index that tracks the performance of gold mining and digital asset mining companies.


The ETF would not invest directly in digital assets or via derivatives. The application, however, did not provide a ticker or expenditure ratio.


Sumit Roy, a crypto editor and analyst, said of VanEck's planned ETF, "I believe VanEck is simply testing new things and seeing what sticks." It's the same as putting bitcoin and gold into an ETF — a method that we've previously seen used and that some people enjoy."


The SEC document, which was submitted on March 3, would concentrate on shares in an index that measures the performance of gold mining and digital asset mining companies.


The latest plan is consistent with VanEck's concept for a gold and Bitcoin strategy ETF, which was issued in December. The fund would be backed by futures contracts, exchange-traded products (ETPs), and other gold and bitcoin-related assets.


Having said that, it is worth noting that the SEC disallowed a VanEck ETF that was scheduled to contain BTC in November. Until recently, authorities have been skeptical of a spot traded ETF.

VanEck's ETF Competition

The US-based investment company launched its Digital Transformation ETF in early 2021, which invests in companies that supply cryptocurrency exchanges, miners, and crypto-related equities.


VanEck's gold miners fund (GDX), introduced in 2006, is one of the biggest US ETFs. The gold miners' fund is worth around $14.5 billion. VanEck manages about $63 billion in assets across more than 60 ETFs in the United States.


According to media reports, a crypto-related product – VanEck Digital Assets Mining ETF – is expected to debut on Wednesday.


Cboe Global Markets banned trading in the VanEck Russia ETF on March 5, citing a decline in price since Russia invaded Ukraine last week.

Suggestion