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Mutual fund manager VanEck has announced plans to initially waive fees for its potential spot Ethereum exchange-traded fund (ETF). VanEck aims to be a leader even if it loses money initially to stay competitive, Matthew Sigel, the firm’s head of digital asset research, said Tuesday.
VanEck’s head of digital asset research, Matthew Sigel, told ETF.com that the firm “aims to be the leader in crypto ETF fees, even if it loses money initially.” Sigel added that the company plans to offset this loss with volume, and in this case hopes to achieve this with decentralized finance volume. He also noted that the firm hopes to encourage more investors to explore the potential role Ethereum can play in their investment portfolios.
VanEck’s Form 8-A For Ethereum ETF
VanEck filed a Form 8-A for its Ethereum product on Tuesday, indicating further progress on its spot ether ETF. Bloomberg senior ETF analyst Eric Balchunas noted that VanEck’s filing of the new form was “part of the process.” Last month, the Securities and Exchange Commission (SEC) approved 19b-4 forms for eight spot ether ETFs. However, the regulator must enable registration statements for trading to commence.
This strategic move by VanEck is considered a critical step to gain competitive advantage and reach a wider investor base as the Ethereum ETF enters the market. Such innovative approaches could lead to greater acceptance of cryptocurrencies in financial markets.
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