new deposit With the US Securities and Exchange Commission (SEC) indicating that investment firm VanEck Associates Corporation wants to offer a bitcoin futures investment fund in the United States.
“The [Bitcoin Strategy] The Fund seeks to achieve its investment objective by investing, under normal circumstances, in Bitcoin futures… as well as pooled investment vehicles and exchange-traded products that provide exposure to Bitcoin “as per deposit”. The fund does not directly invest in Bitcoin or other digital assets. “
According to the filing, the fund will make its indirect investments in bitcoin through a subsidiary, and this investment can reach 25% of the value of the fund’s total assets. The subsidiary, a wholly owned limited company headquartered in the Cayman Islands, operates under the laws of the islands and can invest in bitcoin directly.
In addition, the deposit shows that the target fund’s exposure to bitcoin investments will be around 100% of the fund’s net assets. But it may rise above this level when the fund chooses to use exposure to leverage in bitcoin.
If bitcoin investments do not consume all the net assets of the fund, they may resort to alternative investment vehicles to provide liquidity, or act as margin or collateral for the investments of the fund or subsidiary. According to the filing, these alternative avenues include US Treasuries, money market funds, cash and cash equivalents, mortgage-backed securities issued or guaranteed by US government agencies and even sovereign debt obligations of non-US countries.
The Bitcoin Strategy Fund portfolio will be managed by Gregory Krenzer, who will be primarily responsible for the day-to-day portfolio management of the fund. Krenzer has been with VanEck since 1994 and has over 25 years of experience in the financial markets.
This deposit is not the first to be related to VanEck from Bitcoin. The company applied for a bitcoin trading fund (ETF) with the SEC at the end of 2020, but its approval Recently.