ETF manager VanEck unveils first multi-token crypto fund

ETF and Mutual Fund manager VanEck announced on Monday the launch of its first exchange-traded note (ETN) that offers exposure to multiple crypto assets, including bitcoin, Ethereum, and Polkadot.

According to the announcement, VanEck has listed the product on the Deutsche Borse Xetra and SIX Swiss exchanges in Europe. The investment vehicle currently tracks the progress of seven cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Polkadot (DOT), Solana (SOL), Tron (TRX), Avalanche (AVAX), and Polygon (MATIC).

In addition, the fund will track the performance of crypto assets via the MVIS CryptoCompare Crypto Leaders VWAP Close index, an index provided by VanEck’s subsidiary MV Index Solutions in Germany.

Gijs Koning, co-head of VanEck Europe, said in the press release:

“In early 2017, we determined that digital assets could provide a store of value alternative to currencies and gold, as well as a host of technology solutions that could bring down costs in the payments and investing industries.”

Apart from Europe, VanEck has filed several applications to offer crypto-related products in the United States. While it was successful in launching one of the first Bitcoin futures ETFs in the US, it failed to get approval from the SEC to list its spot Bitcoin ETF product.