Fund manager VanEck has the greenlight from the Securities and Exchange Commission to launch a new crypto ETF tracking crypto-related stocks.
The Onchain Economy ETF (NODE) seeks long-term capital appreciation by investing in at least 80% of its net assets in “Digital Transformation Companies and/or Digital Asset Instruments,” like those that run exchanges and engage in crypto mining, according to the SEC filing. The management fee will be 0.69%.
Matthew Sigel, head of digital assets research at VanEck, said on X that the actively managed NODE will aim to hold 30 to 60 names from a universe of more than 130 stocks tied to the digital asset economy. The stocks will include exchanges, miners, data centers, energy infrastructure, semiconductors, hardware, TradFi rails, consumer/gaming, asset managers and “balance sheet HOLDers,” Sigel said. He added that up to 25% of the fund will be in crypto exchange-traded products.
The target launch date is May 14.
VanEck is no stranger to the world of digital assets. NODE’s approval comes less than a month after the firm’s VanEck Ventures announced its investment in Manifest, a platform bringing American real estate into decentralized finance (DeFi). VanEck Ventures was introduced last year to support innovation in crypto, fintech and artificial intelligence (AI).
The fund manager’s digital assets offerings include its spot bitcoin fund, the VanEck Bitcoin ETF (HODL), spot ether fund, the VanEck Ethereum ETF (ETHV), and the VanEck Digital Transformation ETF (DAPP), which tracks a market-cap-weighted index of companies involved in the digitalization of the world’s economy through a diverse range of digital assets.
“The global economy is shifting to a digital foundation,” Sigel said via X. “NODE offers active equity exposure to the real businesses building that future.”
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