VanEck Files New ‘Onchain Economy’ ETF to Target Crypto Infrastructure, Not Coins

Asset management firm VanEck filed on Wednesday for a new exchange-traded fund (ETF) aimed at companies building infrastructure for digital assets.

Notably, the fund’s structure avoids direct exposure to cryptocurrencies, as is common with other ETFs, but maintains exposure to the digital asset markets it composes.

According to a January 15 report, the Onchain Economy ETF aims to allocate at least 80% of its assets to ‘Digital Transformation Companies’ and digital asset vehicles. SEC filing rated by Declutter.

These companies include crypto exchanges, payment gateways, mining operations, and companies that provide infrastructure services.

It also wants to invest in companies that provide the core technology, infrastructure and data center capabilities that support its digital asset business.

“Digital Transformation Companies are selected based on a combination of fundamental analysis, market trends, the company’s strategic positioning within the digital asset ecosystem and valuation,” VanEck said in the filing.

For digital asset instruments, however, VanEck notes in the filing that while it aims to “target investments that provide exposure to the largest digital assets by market capitalization,” this fund would exclude stablecoins.

It is unclear whether this description applies more broadly to stablecoin issuers, or just to their products and offerings. VanEck did not immediately return Declutter request for comment.

The fund plans to establish a subsidiary in the Cayman Islands to manage certain investments in digital assets, with exposure of up to 25% of total assets per quarter.

VanEck’s latest filing follows a wave of new crypto ETF filings. In November, Bitwise submitted plans for one 10 Crypto Index Fund ETFwhile Grayscale filed for convert his Solana Trust in an ETF in December last year.

Wednesday’s filing follows VanEck’s closure of its Ethereum futures ETF in September last year.

VanEck Head of Digital Assets Matthew Sigel deleted a notice about the filing, likely due to regulatory restrictions where the U.S. Securities and Exchange Commission prohibits the disclosure of certain details while a proposal is under review.

Edited by Sebastian Sinclair