VanEck Files Application for ‘Onchain Economy’ ETF
Investment manager VanEck yesterday filed for a new exchange-traded fund, called the Onchain Economy ETF, which will focus on investing in digital transformation companies and digital asset instruments.
According to the prospectus filed with the US Securities and Exchange Commission, at least 80% of the fund’s net assets will be invested in these types of companies and instruments, rather than directly in digital assets or commodities.
This includes a priority on investing in companies such as exchanges, crypto payment platforms, and mining firms, as well as virtual asset-focused investment vehicles like commodity futures contracts.
VanEck’s proposed Onchain Economy ETF follows the closure of their ether futures ETF, the Ethereum Strategy ETF (EFUT), in September 2024. Instead of investing in ethereum directly, EFUT invested in ethereum futures.
This closure coincided with the SEC’s approval of spot ether ETFs in May. According to The Block’s Data Dashboard, on Tuesday, VanEck’s spot Ethereum ETF (ETHV) had a volume of $1.64 million, while their spot Bitcoin ETF (HODL) had a volume of $15.87 million.
