Asset manager VanEck has filed an application with the US Securities and Exchange Commission (SEC) to launch an ETF focused on gold and digital assets miners.
According to the filing, the VanEck Gold and Digital Assets Mining will track an index made up of shares of gold and cryptocurrency mining firms. The structure will not make direct investments in digital assets.
ETF.com analyst Sumit Roy has noted investments in shares of such a fund represent quasi-investments in cryptocurrencies and precious metals. He has said:
“While I’m not writing off this ETF, I don’t think it’s going to be as popular as specialty funds. Investors who buy Bitcoin are too different from those who buy gold.”
Bitcoin has a negative statistical relationship with gold (-0.01). The crypto correlates much stronger with the S&P 500 (0.42) and Dow Jones (0.34) stock indices.