Appetizer for Bitcoin ETF? VanEck's new product launched, tracking stocks of 25 publicly traded companies related to cryptocurrency.

According to a press release from asset management company VanEck yesterday, the company has launched a new ETF product on Nasdaq aimed at tracking the equity value of companies related to or directly holding digital assets.

Wall Street's Cryptocurrency Investment Product

VanEck's new fund is called the "VanEck Vectors Digital Transformation ETF," with the ticker symbol DAPP. VanEck stated that the fund will not directly or indirectly invest in cryptocurrencies through derivatives.

According to the fund information disclosed by the company, the index of this fund references MVIS' "MVIS Global Digital Assets Equity Index." The index components include stocks of 25 publicly listed companies such as digital asset management company Galaxy Digital, cryptocurrency mining company Marathon Digital, payment company Square, mining chip provider Nvidia, and technology provider Voyager Digital.

Notably, the index currently does not include Coinbase, which went public on Nasdaq yesterday. However, since the index components are readjusted quarterly, it is expected that Coinbase's stock will be included in the index in the next quarter. Ed Lopez, the ETF product manager, stated:

"We have always believed in the utility and viability of digital assets and consider them as an asset class. We are excited to offer investors the opportunity to invest in companies focused on driving digital transformation."

Interestingly, U.S. banking giant JPMorgan had previously submitted a similar product prospectus to the U.S. Securities and Exchange Commission (SEC). According to reports, the fund consists of 11 companies in the cryptocurrency field, including MicroStrategy, Square, PayPal, Riot Blockchain, NVIDIA, semiconductor giant TSMC, Silvergate, and other publicly listed companies indirectly related to Bitcoin, showing a significant overlap with VanEck's DAPP.

Apart from the officially launched DAPP fund, VanEck also has a Bitcoin ETF product that investors are eagerly anticipating, awaiting approval from the U.S. Securities and Exchange Commission. The SEC is expected to give a response by the end of this month regarding the approval, rejection, or extension of the review period for the application.