Mutual fund manager VanEck has begun stashing select bitcoin bets in a private crypto fund, courting well-heeled investors while the firm waits for a verdict on its latest bitcoin exchange-traded fund (ETF) bid.
“VanEck Bitcoin Tracker Fund, LP” held one $10 million investment Thursday, according to regulatory documents filed with the U.S. Securities and Exchange Commission. Gemini Trust Co. is providing custody services for the fund, which charges a 1% fee and is open only to accredited investors and certain offshore accounts, according to offering documents reviewed by CoinDesk. The $10 million appears to be seeded by VanEck and its affiliates, according to one of the documents.
VanEck is hardly a newcomer to crypto. A specialist firm for mutual funds and ETFs, the New York company has tried (and failed) for many years to launch a bitcoin ETF in the U.S.
Such a product would be widely available to U.S. investors, as opposed to far more limited private funds. An ETF would give mom-and-pop investors exposure to bitcoin without those investors having to hold bitcoin itself.
VanEck did not immediately return CoinDesk’s calls for comment.
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