The U.S. Securities and Exchange Commission (SEC) has recently approved a new crypto-related exchange-traded fund (ETF) from the well-known financial giant VanEck. The new ETF, named the “Onchain Economy ETF,” will be managed by Matthew Sigel, who is VanEck’s head of digital assets research. Sigel revealed that the ETF will consist of 30-60 stocks associated with the crypto sector.
The stocks included in the ETF will cover a wide range of sectors, including miners, exchanges, data centers, energy infrastructure providers, hardware firms, traditional finance rails, gaming firms, and asset managers, among other crypto-related investments. Additionally, up to 25% of the portfolio will be allocated towards crypto asset exchange-traded funds.
The ETF will be identified by the ticker symbol NODE and is expected to launch by May 14th. Sigel emphasized that the global economy is transitioning towards a digital foundation, and the NODE ETF will provide active equity exposure to the businesses shaping that future.
The SEC’s approval of the first spot market Bitcoin ETFs in January 2024 led to significant inflows of billions of dollars into the leading digital asset by market cap. Subsequently, Ethereum ETFs were also approved for trading last July. Earlier this year, financial firms Franklin Templeton and Hashdex collaborated to launch joint BTC-ETH ETFs.
VanEck currently offers ETH and BTC ETFs and has filed for Solana (SOL) and Avalanche (AVAX) exchange-traded funds, awaiting approval. The company continues to expand its offerings in the crypto space to meet the growing demand from investors.
For the latest updates and news in the crypto industry, be sure to follow us on X, Facebook, and Telegram. Subscribe to receive email alerts directly to your inbox to stay informed. Keep track of price action and explore The Daily Hodl Mix for a comprehensive view of the market.
(Image credit: Midjourney)