VanEck Seeks to Launch Digital Asset Mining ETF

Proposed product comes after firm launched its bitcoin strategy ETF on Nov. 15.

article-image

Blockworks exclusive art by Axel Rangel

share

key takeaways

  • The filing follows the SEC’s rejection of VanEck’s proposed spot bitcoin ETF last month and the firm’s launch of a bitcoin futures ETF the following week
  • Fund would compete with range of products investing in bitcoin miners, such as Amplify Investments’ $1.7 billion Transformational Data Sharing ETF (BLOK)

Fund group VanEck filed with the US Securities and Exchange Commission (SEC) on Wednesday to launch an ETF focused on the crypto mining space.

The VanEck Digital Asset Mining ETF seeks to track the price and yield performance of the MVIS Global Digital Asset Mining Index, the disclosure states. The index includes companies that generate at least half of their revenue from digital assets mining activities or mining-related technology, or have projects that, when developed, have the potential to do so.

The fund would not invest in digital assets directly. The document did not indicate a ticker or expense ratio for the proposed fund.

A VanEck spokesperson did not immediately return Blockworks’ request for comment.

The SEC rejected the firm’s proposed bitcoin ETF, which would have invested in the crypto asset directly, last month just before the agency’s 240-day review period for the planned offering expired. 

VanEck launched a bitcoin futures-based product – the VanEck Bitcoin Strategy ETF (XBTF) – the following week despite CEO Jan van Eck saying “a non-futures ETF structure is the superior approach.”

Though the ProShares Bitcoin Strategy ETF (BITO), the first such product to launch in the US, quickly ballooned to more than $1 billion assets under management, XBTF holds about $11 million after two weeks of trading. 

VanEck’s new proposed product would compete with a growing number of crypto offerings that invest in the equity securities of blockchain companies, including bitcoin miners. 

The largest such fund is Amplify Investments’ $1.7 billion Transformational Data Sharing ETF (BLOK), which launched in January 2018. Crypto miners within BLOK’s top 10 holdings include Hut 8 Mining, Riot Blockchain, Bitfarms, HIVE Blockchain Technologies and Marathon Digital, according to ETF.com data. 

Other ETFs that invest in bitcoin miners have come to market this year, including the Bitwise Asset Management’s Crypto Industry Innovators ETF (BITQ) and Viridi Funds’ Cleaner Energy Crypto-Mining & Semiconductor ETF (RIGZ), which have about $130 million and $20 million assets under management, respectively.

Neena Mishra, director of ETF research for Zacks Investment Research, previously told Blockworks that though there has been a lot of focus on futures-based bitcoin ETFs, as well as when physically-backed bitcoin ETFs could be approved in the US, blockchain ETFs will likely remain relevant due to the vast landscape of crypto assets that investors may want exposure to.

“When gold does well, gold miners act as leveraged plays on the metal, and at that time we just see a lot of interest from investors in gold mining ETFs too because of the performance,” she noted, comparing gold to bitcoin. 

VanEck’s largest ETF is its Gold Miners ETF (GDX), which launched in 2006 and manages nearly $14 billion in assets. 


Get the day’s top crypto news and insights delivered to your inbox every evening. Subscribe to Blockworks’ free newsletter now.


Tags

Upcoming Events

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

Industry City | Brooklyn, NY

TUES - THURS, JUNE 24 - 26, 2025

Permissionless IV serves as the definitive gathering for crypto’s technical founders, developers, and builders to come together and create the future.If you’re ready to shape the future of crypto, Permissionless IV is where it happens.

Brooklyn, NY

SUN - MON, JUN. 22 - 23, 2025

Blockworks and Cracked Labs are teaming up for the third installment of the Permissionless Hackathon, happening June 22–23, 2025 in Brooklyn, NY. This is a 36-hour IRL builder sprint where developers, designers, and creatives ship real projects solving real problems across […]

recent research

Research Report Templates (1).jpg

Research

Jupiter has emerged as the undisputed liquidity backbone of Solana, commanding over 90% of spot DEX aggregation and 80% of perp trading volume. But behind the numbers lies a far more ambitious play: a cross-chain, vertically integrated super-app spanning swaps, synthetics, NFTs, memecoins, and launchpads. This report explores Jupiter’s rapid rise, the monetization upgrades reshaping its revenue profile, and the risks that could unwind its dominance, from token dilution to competition. With annualized revenues nearing $300M, the upside is undeniable, if it can navigate the turbulence.

article-image

In recent weeks, Helium has hit new all-time highs while passing major protocol milestones

article-image

Financial advisers in a January survey said equity ETFs were their top choice for gaining crypto exposure in 2025

article-image

“Why put a target out there that’s really speculative, not knowing exactly where this environment is going to go?” CarMax CEO Bill Nash said

article-image

While the head of Base may support legal sex work, Coinbase policies prohibit said workers from using its exchange.

article-image

EVM bottlenecks fundamentally hold back Ethereum’s scalability

article-image

In 2011, WikiLeaks faced a financial blockade imposed by the US government. It was Bitcoin’s first major test.