Bitcoin-based ETF may see the light of the day under the new Biden’s administration with Elad Roisman who will be the head of the SEC.

New York-based investment management firm VanEck has filed for Digital Asset ETF with the United States Securities and Exchange Commission (SEC) to enable it to track crypto-based companies’ performance. Filed on January 21, the new fund will be used to track the market performance for the Global Digital Asset Equity Index that is run by its subsidiary MV Index Solutions.According to the SEC filing, VanEck will deal with companies that approximately 50% of its revenue is derived from digital assets. Some of these companies include crypto exchanges, crypto mining companies, payment platforms, software, and tech equipment companies.This is a huge advancement in the crypto industry as most companies that operate through digital assets will get recognition by most institutional investors. Companies like Ripple and Coinbase from the United States will significantly benefit ahead of the latter’s planned initial public offering.VanEck however noted that other companies that involved themselves with digital assets may be added under certain conditions. “Companies with less than 50% of their revenues from the global digital assets segment, including semiconductor and online money transfer companies, may be added to the Index to reach a minimum component number,” VanEck noted.VanEck and Digital Asset IndustryBitcoin-based ETF may see the light of the day under the new Biden’s administration with Elad Roisman heading the SEC. The crypto industry is optimistic the current United States administration will nature crypto-related technologies more than the prior Trump regime that was particularly against Bitcoin and other crypto assets.The crypto industry is gaining a new wave of adoption that has seen the entire market capitalization reach $1 trillion. Regardless of the increased resistance from global regulators. Recently, Christine Lagarde, the European Central Bank President was cited saying that the crypto industry particularly Bitcoin needs regulations. According to Lagarde, the crypto industry has disrupted the traditional banking system and needs regulations to ensure the order is maintained.VanEck entrance into the crypto industry is an indication of the huge demand by institutional investors as a hedge against other investments. VanEck was reported to have a total of $49 billion in assets under management by 2019.The 66-year old firm has been shifting its attention away from traditional financial assets like gold and focused on digital assets. Notably, the firm has been pushing for a Bitcoin ETF to add it to its list. However, the SEC has been skeptical about approving a Bitcoin-based ETF because it is too risky and unregulated.Exchange-Traded Funds have long been associated with the traditional stock market. However, with the crypto market immensely disrupting the traditional finance system, fund managers cannot help but shift their focus onto them.

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