Monday, January 17

VanEck Adds Polygon and Avalanche to its ETN Offerings


The global investment manager – VanEck – expanded its cryptocurrency offerings by adding two new Exchange-Traded Notes (ETNs) tracking the performance of Avalanche and Polygon. The company has already launched such products on Bitcoin, Ethereum, Polkadot, Solana, and Tron.

Avalanche And Polygon ETNs Joined The List

The global investment management company – VanEck – disclosed the news in a recent post on Twitter. As a result, investors will be able to gain exposure to Polygon (Matic) and Avalanche (AVAX) without the necessity to purchase the digital assets directly.

The VanEck Vectors Polygon ETN (ticker: VPOL) is fully collateralized and invests in MATIC (the native token of the network). The Exchange-Traded Note provides direct exposure to the digital asset, is 100% backed by Polygon, and is stored in cold storage at a “regulated crypto custodian with crypto insurance.” VPOL is also tradable like an ETF on regulated trading venues.

The VanEck Vectors Avalanche ETN (ticker: VAVA) operates identically. However, the company described it as “unique for its fast speeds and light hardware specs.”

Polygon and Avalanche joined Bitcoin, Ethereum, Polkadot, Solana, and Tron as VanEck previously added ETNs on those digital assets, too.

Launching cryptocurrency Exchange-Traded Products by investment companies has become increasingly popular in the last months. A few days ago, the Swiss-based financial services firm – 21Shares – listed Bitcoin and Ethereum ETNs on Nasdaq Stockholm.

VanEck Got Rejected

A few months back, the company sought approval from the Securities and Exchange Commission to release a Bitcoin Strategy Exchange-Traded Fund. The product was meant to contain BTC futures, BTC funds, and various other investment instruments related to the largest digital asset. This was not the first time the company submitted BTC ETF applications to the agency, but to no avail so far.

In November, the top financial regulator once again rejected the firm’s ambitions. The SEC explained that VanEck was unable to address previous hurdles, which were “designed to prevent fraudulent and manipulative acts and practices” and “to protect investors and the public interest.”

Subsequently, the Commission’s Chair – Gary Gensler – asserted that a futures-backed ETF would be safer for investors, and that is why only such funds have been greenlighted in the States so far.

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