NEW BITCOIN ETF EFFORT LAUNCHED BY MONEY MANAGEMENT FIRM

A US-based money manager, headquartered in New York, wants to launch an exchange-traded fund (ETF) tied to the price of bitcoin. The fund, named "VanEck Vectors Bitcoin Strategy ETF", will not invest directly in Bitcoin. instead, it will purchase stakes in derivatives and financial products that offer exposure to bitcoin market developments. As explained in the filing:

"The Fund seeks to achieve its investment objective by investing, under normal circumstances, in U.S. exchange-traded bitcoin-linked derivative instruments ("Bitcoin Instruments") and pooled investment vehicles and exchange-traded products that provide exposure to bitcoin (together with Bitcoin Instruments, "Bitcoin Investments")."

Read more here: https://www.coindesk.com/new-bitcoin-etf-effort-launched-money-management-firm/