SEC Greenlights New VanEck ‘Onchain Economy ETF’ That Holds Stocks Tied to the Digital Asset Sector

The U.S. Securities and Exchange Commission (SEC) has greenlit a new crypto-related exchange-traded fund (ETF) from the financial giant VanEck.

Matthew Sigel, VanEck’s head of digital assets research, will manage the new “Onchain Economy ETF,” which he says will hold 30-60 stocks tied to the crypto sector.

Those stocks will include miners, exchanges, data centers, energy infrastructure providers, hardware firms, traditional finance rails, gaming firms and asset managers, among other crypto-adjacent investments.

The ETF will also allocate up to 25% of its portfolio toward crypto asset exchange-traded funds.

Sigel says the ETF will use the ticker NODE and aims to launch by May 14th.

“The global economy is shifting to a digital foundation. NODE offers active equity exposure to the real businesses building that future.”

The SEC greenlit the first spot market Bitcoin ETFs in January 2024, bringing in billions of dollars worth of inflows to the top digital asset by market cap, and the regulator subsequently approved Ethereum ETFs for trading last July. Two financial firms, Franklin Templeton and Hashdex, also launched joint BTC-ETH ETFs earlier this year.

VanEck currently offers ETH and BTC ETFs and has filed for Solana (SOL) and Avalanche (AVAX) exchange-traded funds, which have yet to be approved.

 

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: Midjourney