Mutual Fund Manager Starts Taking His Own Bets On Crypto

Shared fund supervisor VanEck has begun stashing select bitcoin (BTC, -9.89%) bets in a personal crypto investment, courting well-heeled investors while the company waits for a verdict on its bitcoin that is latest exchange-traded fund (ETF) bid.

The debut adds another Wall Street name to your list that is busy of and companies with personal bitcoin investment offerings in the books. JPMorgan and Morgan Stanley, the two biggest names, both entered crypto through private funds.

“VanEck Bitcoin Tracker Fund, LP” held one $10 million investment Thursday, in accordance with documents which are regulatory using the U.S. Securities and Exchange Commission. It's custodied by Gemini, charges a 1% cost and it is only open to accredited investors and certain records being offshore according to offering documents reviewed by CoinDesk. The $10 million seems to be seeded by VanEck and its own affiliates, in accordance with one of the papers.

VanEck is hardly a newcomer to crypto. A professional company for mutual funds and ETFs, the New York company has tried (and failed) for several years to introduce a bitcoin ETF within the U.S.

This type of product is widely available to U.S. investors, in place of far more limited funds which can be personal providing mom-and-pop investors exposure to bitcoin and never have to hold bitcoin itself.