US investment management firm VanEck has filed an application to create a new Bitcoin (BTC) futures fund with the Securities and Exchange Commission.

According to the prospectus presented on Monday, the new Bitcoin Strategy Fund will invest in bitcoin futures as well as aggregate investment vehicles and exchange-traded products that provide access to bitcoin. The fund will not invest directly in bitcoin or other cryptocurrencies.

The fund will have access to some bitcoin futures contracts through a wholly owned subsidiary in the Cayman Islands. “The subsidiary has the same investment objectives as the fund and will follow the same general investment policy and restrictions, except that, unlike the fund, it can invest in bitcoin futures without restrictions,” the prospectus says. emissions.

The fund’s portfolio will be managed by Gregory Krenzer, Deputy Portfolio Director for Strategy at VanEck Commodity Index and Head of Active Trading with extensive experience in commodities, natural resources and emerging markets. Krenzer has been with Van Eck Associates Corporation since 1994 and has more than 25 years of experience in international and financial markets.

Related: SEC Warns of Risks of Bitcoin Futures in Mutual Funds

The latest recording came just days after the Securities and Exchange Commission delayed approval of the VanEck Bitcoin ETF, the VanEck Bitcoin Trust, for the second time this year. The Securities and Exchange Commission is seeking further public comment and extending the evaluation period by 45 days.

Since Cameron and Tyler Winklevoss first tried to get SEC approval for a Bitcoin ETF in 2017, the SEC has rejected several attempts to launch such a product and has yet to approve a BTC ETF. Meanwhile, other countries such as Canada have made progress with Bitcoin ETFs, and Bitcoin ETFs 3iQ and CoinShares will appear on the Toronto Stock Exchange in April 2020.

Source: CoinTelegraph

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