Key Takeaways:
- NODE invests in over 30 crypto-linked companies for diversified exposure
- Avoids direct crypto ownership to remain SEC-compliant
- Uses Cayman Islands structure to gain indirect crypto exposure
VanEck’s New Crypto-Themed ETF Hits Market in May
VanEck has received regulatory clearance to launch its Onchain Economy ETF (NODE) on May 14, marking a new step in crypto equity exposure for U.S. investors. The ETF is actively managed and designed to provide exposure to companies integral to the blockchain and digital asset economy — without holding any cryptocurrencies directly.
The announcement was made by VanEck’s Head of Digital Asset Research, Matthew Sigel, in an April 16 update. The initial filing was submitted to the SEC on January 15.
NODE Targets Key Digital Infrastructure Companies
The NODE ETF will include 30 to 60 stocks drawn from a pool of 130+ crypto-related companies. These range from crypto exchanges and Bitcoin miners to blockchain data centers and asset managers. VanEck’s filing confirms a 0.69% management fee, with at least 80% of holdings in companies categorized as “Digital Transformation Companies.”
Selection criteria are based on a multi-factor model analyzing fundamentals, valuations, positioning, and sector trends. The ETF is designed to reflect the broader infrastructure powering crypto adoption and operations.
Stablecoin-Free, But Broad Geographic Reach
While the fund offers wide exposure to crypto-linked firms, it explicitly avoids stablecoins. It remains unclear whether this exclusion includes companies that issue them or just the tokens themselves.
NODE’s investment scope does include foreign securities, ADRs, and GDRs, offering global exposure. To comply with tax rules, the ETF will route some holdings — up to 25% — through a Cayman Islands subsidiary, enabling indirect access to digital asset futures and swaps without breaching SEC restrictions.
VanEck Expands Crypto ETF Lineup Amid Regulatory Friction
NODE’s launch comes as VanEck ramps up its crypto ETF strategy. The firm recently filed for BNB and Avalanche (AVAX) ETFs, now pending with the SEC.
However, the approval path remains unclear. The Commission recently delayed decisions on several spot crypto ETFs, including amendments to VanEck’s Bitcoin and Ethereum Trusts.
Despite these challenges, VanEck remains bullish on the long-term crypto thesis. In a 2024 interview, Sigel stated that Bitcoin is entering “blue sky territory” with no historical ceiling, predicting it could reach $180,000 by 2025. The firm has also forecasted Solana’s market cap could hit $250 billion, equating to a price of $520 per token.
