The fund manager VanEck has also launched into the race for Bitcoin ETFs via the VanEck Bitcoin Trust (HODL). On February 20, HODL Index saw record volume of $400 million. For his part, the Managing Director of VanEck Europe sees this as the start of a promising era for Bitcoin and associated ETFs.
VanEck predicts significant growth in Bitcoin ETFs
The VanEck investment fund has been operating for almost 70 years. This ensures the management of $69 billion in assets worldwide.
Among the products offered by VanEck, we find the VanEck Bitcoin Trustone of the long-awaited Bitcoin Spot ETFs.
A few months after its launch, this ETF seems to be achieving some success with investors. At least that’s what was reported Martijn Rozemullerthe managing director of the fund manager’s European branch.
Thus, according to information reported by our colleagues at CoinDesk, Rozemuller revealed that cryptocurrencies, and in particular the Bitcoin ETF, accounted for 10% of the assets managed by VanEck. Furthermore, this envisages that the share of cryptocurrencies will increase considerably, even reaching 50% of assets under management.
“I think the balance will change. Cryptocurrencies will become more important […] and the balance will be closer to 50/50. »
This ambition reflects a deep conviction in the growth potential of cryptocurrencies.
An interest in Bitcoin that is not new
According to him, VanEck’s interest in cryptocurrencies is nothing new. Indeed, in 2018 when his company Think ETF Asset Management was bought by VanEck to become VanEck Europe, Jan Van Eck, the CEO of VanEck US was already keenly interested in cryptos and Bitcoin.
“From the moment we met Jan, probably even before the acquisition, bitcoin was a topic of discussion. Jan mentioned that he was already looking for ways to do something in the United States. We told him: “Actually, we are also working on something in Europe”. »
Now, VanEck is behind one of 10 Bitcoin Spot ETFs that were approved by the SEC earlier this year.
On European soil, VanEck Europe has no less than 50 different ETFs. Among them, we find the VanEck Crypto and Blockchain Innovators UCITS ETF launched in 2021. This brings together the shares of many companies involved in cryptos such as Coinbase, Block and Marathon Digital to name a few.
For her part, the queen of cryptocurrencies, Bitcoin, reached a new All Time High (ATH) at $69,300. An increase which will not have left the banks indifferent. For example, the bank Morgan Stanley filed an application with the SEC to “indirectly expose itself to Bitcoin”.