VanEck Launches Multi-Token Exchange Traded Notes (ETNs)

Leading New York-based asset manager VanEck launches its first-ever multi-token exchange-traded notes (ETNs) for European investors. 

Announcing the development today, VanEck disclosed that the financial instrument will give European investors exposure to the spot prices of seven cryptocurrencies, such as Bitcoin, Ethereum, Polkadot, Solana, Tron, Avalanche, and Polygon.

VanEck’s latest ETN understandably tracks the industry’s leading blockchain networks, many of which have gained significant traction in recent months. Just last week VanEck also launched three ETNs tracking Algorand, FTX and Terra for European clients. 

While VanEck already has several funds for institutional clients in the United States, the company is seeking to expand its offerings in the European market. 

VanEck Global Growth 

Gijs Koning, co-head of VanEck Europe, said the company has continued to be innovative since the company discovered in 2017 that cryptocurrencies could provide a store of value alternative to gold. 

“We were first to market in Europe with many of these exposures because we’re believers in the transformative nature of the underlying technologies, and because providing exposure to transformative investments is at the core of our firm’s DNA,” Koning added. 

Koning added that VanEck has evolved alongside the cryptosphere, with a strong emphasis on professional pricing and indexing through its subsidiary company MicroVision (MV) Index Solutions, and is also liaising with global regulators on the launch of more crypto-related exchange-traded products (ETPs). 

Aside from the funds offered by VanEck, the company also provides investors with quality research, which keeps them informed about the market. Matthew Sigel, head of digital asset research at VanEck, said: 

“Education must keep pace with innovation, and for us, the two go hand in hand. We’re excited about all we have built on the digital assets front at VanEck but are even more excited about all that is still to come.” 

VanEck’s Spot Bitcoin ETF Application Rejected

While VanEck has so far launched several funds in the United States and Europe, the asset manager recently had its application for a spot Bitcoin exchange-traded fund rejected by the Securities and Exchange Commission (SEC). 

According to the SEC,  the disapproval of VanEck’s Bitcoin ETF , as well as other filings from several fund managers, is that there are no adequate security measures in place to protect investors.