- VanEck filed for its “Onchain Economy” ETF, focusing on crypto-related businesses and digital asset instruments.
- Recent ETF filings include Bitwise’s “10 Crypto Index Fund” and Grayscale’s proposal to convert its Solana Trust into an ETF.
- The industry anticipates a more crypto-friendly SEC under new leadership, potentially accelerating ETF approvals.
In an interesting twist, asset manager VanEck has quietly submitted a new application to the SEC for an ETF it’s calling the “Onchain Economy.” This was revealed in a now-deleted comment from Matthew Sigel, the firm’s head of digital assets research, posted on January 15.
The proposed fund plans to invest in crypto-related businesses—think software developers, mining companies, payment firms, exchanges, and others that play a role in the digital asset world. Essentially, these are what VanEck describes as “Digital Transformation Companies.”
What’s a “Digital Transformation Company”?
VanEck’s filing defines them as companies chosen based on their fundamentals, market trends, how strategically they’re positioned in the crypto space, and their valuation. The fund would also include investments in digital asset instruments like commodity futures contracts. However, it won’t directly hold cryptocurrencies like Bitcoin or Ethereum.
This filing comes at a pivotal time, as asset managers appear to be gearing up for what they hope will be a more crypto-friendly SEC under new leadership.
A Wave of Crypto ETF Filings
VanEck’s move is part of a broader surge of ETF applications, coinciding with the reelection of Donald Trump and the expectation of a more supportive regulatory climate. Other asset managers are making their own moves to capitalize on this potential shift.
Here’s a quick snapshot of recent ETF activity:
- Bitwise: Submitted an application for its “10 Crypto Index Fund ETF” back in November 2024, which includes heavy hitters like Bitcoin, Ethereum, Solana, and XRP, as well as tokens like Avalanche (AVAX) and Chainlink (LINK).
- WisdomTree: Filed for an XRP ETF in December 2024, joining firms like 21Shares, Canary Capital, and Bitwise in pursuing SEC approval for XRP-based products.
- Grayscale: Applied to convert its Solana Trust into an ETF, signaling its confidence in Solana’s long-term potential.
- REX Financial: Debuted the “REX Crypto Equity Premium Income ETF,” which uses a covered-call strategy to generate income from crypto stocks.
- Bitwise (again): Filed for the “Bitcoin Standard Corporations ETF,” which focuses on companies with significant Bitcoin holdings.
Why It Matters
VanEck’s Onchain Economy ETF could be a significant step forward for institutional adoption of crypto, even if it doesn’t directly invest in digital assets. These filings suggest that major players in finance are banking on a regulatory shift to finally bring crypto ETFs into the mainstream.
The crypto community will now wait to see how the SEC, under its expected new leadership, responds to this wave of applications. If successful, these ETFs could open the floodgates for broader adoption and investment in the crypto space.
Final Thoughts
The ETF race is heating up, and firms like VanEck, Grayscale, and Bitwise are making bold moves to position themselves for what could be a transformative year in crypto finance. Whether these funds get the green light remains to be seen, but one thing’s clear: the industry is gearing up for something big.
