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VanEck, the global investment manager has launched its first cryptocurrency ETF in Europe that will track the progress of companies holding Bitcoin and other cryptocurrencies on their balance sheet. The ETF would track MVIS Global Digital Assets Equity index which currently includes 26 pure-play digital asset companies. The new crypto ETF will be called VanEck Vectors Digital Assets Equity UCITS ETF (DAPP) that made its debut on London Stock Exchange and Deutsche Boerse.
The MVIS Index includes those companies that derive at least 50% of their revenues from digital asset projects and include payment firms, mining companies, and software services.
Gabor Gurbacs, director of digital assets strategy at VanEck, said,
“For investors who cannot or do not want to invest directly in individual cryptocurrencies, DAPP provides a good opportunity to invest in digital asset companies in both a targeted and diversified manner and to benefit from the positive development of the sector.”
VanEck US Bitcoin ETF Gets Delayed
The global investment manager has also filed for a Bitcoin ETF with the US SEC that was recent delayed for another couple of months by the US regulatory body. VanEck was also among the few companies to have filed for the Bitcoin ETF in the US during the 2017 high that was rejected by the regulatory body.
Apart from Europe, even North America has taken the lead in terms of cryptocurrency ETFs as it has become the first region to approve both Bitcoin ETF and Ether ETF currently trading on the Canadian stock exchange. While the US regulators have earlier rejected all Bitcoin ETFs proposal citing the small market cap of digital assets that might lead to market manipulation, however, this bull season the crypto market cap has exceeded $2 trillion while the crypto adoption is all-time-high and many believe these factors could play a part in the approval of first Bitcoin ETF in the US.
The post VanEck Launches its First Crypto ETF in Europe appeared first on Coingape.
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