EUR/USD 1.15954
-0.135%
Gold 4348.43
0.740%
Oil 97.119
-3.390%
USD/JPY 153.683
-0.474%
GBP/USD 1.35260
0.113%
GBP/JPY 207.876
-0.364%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
ECB President Christine Lagarde: I will step down as ECB president in 2027; I am not considering returning to French politics and do not believe I am suitable as a French presidential candidate.European Central Bank President Christine Lagarde: The European economy is resilient. The current inflationary shock is expected to last longer, and market volatility and energy price pressures are anticipated to persist.On September 13th, OpenAI founder Altman stated that OpenAI will not go public this year, as the company still has a significant amount of security work to complete. This statement comes against the backdrop of escalating concerns about a potential "doomsday scenario" triggered by the resignation of an Anthropic employee and their stern warnings regarding the capabilities of artificial intelligence. Altman said, "Now is not the right time to go public. I dont think it will be 2026. We have a lot of work to do." The market had initially expected both OpenAI and Anthropic to potentially conduct unprecedented IPOs this year. Altmans statement places more pressure on Anthropic CEO Dario Amodei regarding the IPO decision, especially after Amodei warned on Saturday that the development of artificial intelligence needs to slow down.OpenAI founder Altman: Given that OpenAI still has a lot of security work to do, the company will not go public this year.Canadian Prime Minister Mark Carney will meet for the first time with newly appointed British Prime Minister Andy Burnham in Liverpool, England, on September 13. The Prime Ministers Office said in a statement on Saturday that Carney will visit Strasbourg, France, and Liverpool, England, from September 15 to 17, during which time he will meet with Burnham, who took office as Prime Minister in July. The two leaders are expected to discuss defense and security, energy, artificial intelligence, and key minerals. Carneys meeting with Burnham comes at a time when the EU and Canada are seeking to establish a "comprehensive new relationship" covering trade and security. The two sides are drafting a comprehensive agreement, which is putting increasing pressure on Burnham, who has been seeking to strengthen ties with the EU.

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