Key Takeaways:

• NODE provides equity exposure to 30+ digital asset infrastructure firms
  
• Cayman-based structure allows crypto-linked futures exposure
  
• Avoids direct crypto and stablecoins to maintain SEC compliance
  

VanEck’s Onchain Economy ETF Receives Green Light

Asset manager VanEck has secured approval for its NODE ETF, which will begin trading on May 14, 2025. The fund aims to capture the growth of the crypto economy by investing in publicly traded infrastructure players — while carefully avoiding direct crypto holdings.

This milestone was confirmed by Matthew Sigel, Head of Digital Asset Research at VanEck, who posted the update following the ETF’s approval.

NODE Invests in the Foundations of Crypto

NODE’s portfolio will include 30–60 companies selected from more than 130 publicly traded firms involved in the digital asset ecosystem. These include Bitcoin miners, data centers, custodians, and crypto-native exchanges. VanEck will maintain an expense ratio of 0.69%, allocating at least 80% to firms deemed “Digital Transformation Companies.”

The selection process uses a multi-layered approach — combining market trend analysis with relative valuation and operational fundamentals.

Clear Boundaries: No Stablecoins, But Global Reach

The fund explicitly excludes stablecoins from its investment thesis. However, whether this also rules out firms that issue them remains open to interpretation. NODE retains flexibility to invest in foreign equities, ADRs, and commodity-linked assets, offering global diversification.

To access crypto futures and derivatives, VanEck will employ a Cayman Islands subsidiary, a structure that allows indirect exposure up to 25% of total fund assets. This ensures the ETF stays within SEC regulations on commodity-linked exposure.

VanEck’s Broader Vision for Digital Asset ETFs

NODE joins VanEck’s growing list of crypto investment products. The company has submitted proposals for ETFs tracking BNB and AVAX, both currently awaiting regulatory review. Its Bitcoin Trust and Ethereum Trust filings have also experienced recent delays from the SEC.

Nonetheless, VanEck is bullish on crypto’s future. In a late-2024 CNBC interview, Sigel claimed Bitcoin has entered uncharted territory, predicting a $180,000 valuation in 2025. The firm also expects Solana’s value to rise sharply, estimating a $520 token price and a market cap of $250 billion.