VanEck, an asset management firm, has applied to the U.S. Securities and Exchange Commission for its “Onchain Economy” exchange-traded fund (ETF).
The filing was revealed by Matthew Sigel, VanEck’s Head of Digital Assets Research, in a now-deleted social media post. The fund aims to tap into the rapidly expanding digital transformation sector, reflecting the company’s ambition to invest in emerging technologies.
The proposed ETF plans to allocate at least 80% of its assets to companies and products within the digital asset ecosystem. This includes software developers, mining companies, cryptocurrency exchanges, infrastructure providers, payment firms, and other crypto-related businesses, collectively termed “Digital Transformation Companies.” VanEck outlined a strategic approach for selecting investments, focusing on fundamental research, market trends, valuations, and each company’s contribution to the broader digital asset ecosystem. Although the fund will not directly hold cryptocurrencies, it intends to invest in digital asset products like commodity futures contracts.
VanEck’s application is part of a growing trend in the ETF market, fueled by speculation that the regulatory environment for cryptocurrencies could improve under President Donald Trump’s administration.
This development follows Grayscale Investments receiving SEC approval to convert its Solana Trust into an ETF. These actions reflect the increasing interest in digital assets within the financial sector and the expectation of more transparent regulatory frameworks.
Meanwhile, the U.S. SEC has reached a $45 million settlement with Robinhood due to over 10 violations of securities laws by its broker-dealer subsidiaries, Robinhood Securities LLC and Robinhood Financial LLC. The SEC found that Robinhood failed to meet regulatory requirements, including misreporting trading activity, neglecting short sale rules, and delaying suspicious activity reports. The SEC also noted that Robinhood didn’t preserve customer communications, misreported over 392 million transactions, and failed to implement adequate cybersecurity measures, exposing sensitive customer information. The settlement resolves violations spanning from 2019 to 2022.
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