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Aug. 15, 2017

VanEck, a US-based money manager headquartered in New York, is planning to establish an exchange-traded fund (ETF) which will be closely tied to the price of Bitcoin (TIKER: BTC.EXANTE) and listed on the Nasdaq exchange, CoinDesk reported.

This fund is not going to invest directly in bitcoin, instead it would purchase stakes in derivatives and financial products that offer exposure to bitcoin market developments.

"The Fund seeks to achieve its investment objective by investing, under normal circumstances, in U.S. exchange-traded bitcoin-linked derivative instruments ("Bitcoin Instruments") and pooled investment vehicles and exchange-traded products that provide exposure to bitcoin (together with Bitcoin Instruments, "Bitcoin Investments”),” is said in its preliminary prospectus.

VanEck will also invest in money market funds, US Treasury bonds, and other possible assets.

SEC has not approve the ETF yet, and it is unclear whether it ever will. SEC officials already shot down two separate bids in March.

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