VanEck applies to the U.S. Securities and Exchange Commission for a new Bitcoin futures mutual fund

VanEck, a US investment management company, has applied for a new Bitcoin (Bitcoin) Futures mutual funds with the Securities and Exchange Commission.

According to the prospectus Archive On Monday, the new “Bitcoin Strategy Fund” will invest in Bitcoin futures contracts and collective investment vehicles and exchange-traded products that provide Bitcoin exposure. The fund will not invest directly in Bitcoin or other cryptocurrencies.

The fund will hold exposure to certain bitcoin futures through its wholly-owned subsidiary operating in the Cayman Islands. “Subsidiaries and funds have the same investment objectives and will follow the same general investment policies and restrictions, but unlike the fund, it can invest in Bitcoin futures without restrictions,” the prospectus pointed out.

The fund’s portfolio will be managed by Gregory Krenzer, deputy portfolio manager and head of active trading for VanEck Commodity Index Strategy, who has extensive experience in commodities, natural resource stocks and emerging markets. Krenzer has been working at Van Eck Associates Corporation since 1994 and has more than 25 years of experience in the international and financial markets.

related: U.S. Securities and Exchange Commission warns of Bitcoin futures risks in mutual funds

The latest document was released a few days later U.S. Securities and Exchange Commission delayed approval Joined VanEck’s Bitcoin ETF VanEck Bitcoin Trust for the second time this year. The SEC is seeking more public comments to extend the review period by 45 days.

Thanks to Cameron and Tyler Winklevos First attempt to obtain SEC approval For the 2017 Bitcoin ETF, securities regulators have repeatedly refused to launch such products, and so far have not approved the BTC ETF. At the same time, Canada and other countries have been promoting Bitcoin ETFs, including 3iQ and CoinShares’ Bitcoin ETFs Listed on the Toronto Stock Exchange April 2020.