• Days after the SEC deferred making a judgment on VanEck’s Bitcoin ETF application, VanEck filed an application for Bitcoin futures mutual fund
  • The proposed mutual fund would make its indirect bitcoin investments through a subsidiary
  • The fund would provide three classes of shares, offering various buying options for diverse investment requirements

One of the latest filings with the United States Securities and Exchange Commission (SEC) showed that VanEck, a global investment manager, showed its interest in offering bitcoin futures mutual funds in the U.S.

As per the prospectus filed by VanEck on June 21, the new “Bitcoin Strategy Fund” seeks to invest in the bitcoin futures contract, as well as pooled investment vehicles and exchange-traded products that will provide exposure to bitcoin. However, the fund will not invest in bitcoin or other cryptocurrencies directly. The fund proposed by VanEck would offer three classes of shares, with diverse purchase options.

The Class A shares of this proposed fund would be offered to the general public at net asset value, in addition to an initial sales charge of up to 5.57%, which is discounted for purchase of $25,000 or more.

The second class of shares (Class I) would be offered to eligible investors through financial intermediaries in the Class I Agreement with VanEck. To purchase these shares, investors must make a minimum initial investment of at least $1 million. However, these shares do not have sales charges, 12b-1 fees, and CDRC.

Lastly, the Class Y shares would be offered through financial intermediaries and agreements made by third parties with VanEck in this class. These shares would be open to eligible investors in “wrap fee” or through other fee-based programs, such as Employer-Sponsored Retirement Plans.

VanEck is not a newbie to crypto

VanEck is not a new player in the crypto market as currently, the investment firm already offers exposure to the digital assets market through the VanEck Vectors Digital Transformation ETF (DAPP). This solution offers exposure to business entities that receive at least half of their revenue from digital assets, as well as companies involved in bitcoin mining and exchange.

Moreover, the company also recently launched the VanEck Bitcoin Tracker Fund, LP, open to accredited investors and some offshore accounts.