Global investment manager VanEck has recently filed an introductory prospectus to launch a mutual fund that put its money into BTC Futures through its Cayman Islands-based subordinate. Rest, it has been revealed that the fund may also put some of its unsettled assets into the United States treasuries.
VanEck to Initiate a Mutual Fund That Invests in BTC Futures
The Bitcoin Strategy Fund is not going to have any exposure to the spot price of the top crypto asset and it said:
“The Fund seeks to achieve its investment objective by investing, under normal circumstances, in bitcoin futures contracts (“Bitcoin Futures”), as well as pooled investment vehicles and exchange-traded products that provide exposure to bitcoin (together with Bitcoin Futures, “Bitcoin Investments”). The Fund does not invest in bitcoin or other digital assets directly.”
However, the United States Securities and Exchange have not approved any of them as of yet.
Moreover, the SEC has initiated the process of looking for additional comments to affirm whether or not it should checklist the Bitcoin ETF proposal of VanEck.
Mike Novogratz Comments on China Crypto Crackdown
The CEO of Galaxy Digital, Michael Novogratz has recently released a statement sharing his opinion on the effect of the ongoing China crackdown on crypto.
Novogratz took it to Twitter and said:
“China news isn’t good. Xi is an authoritarian leader who wants control over things. $BTC is the opposite of authoritarianism. Chinese citizens will always find a way to move assets outside the system but they are making it harder. Will take some time to play out. Keep the faith.”
Novogratz is sure that the Chinese Crypto owners will be able to shift their assets outside China, but it will take some time.