VanEck ceases multi-currency trading in USD for select ETPs

VanEck announced the cessation of USD multi-currency trading for a subset of Exchange Traded Products (ETPs). Among these are VDOT, VBTC, VETH, and VSOL. Although they are not listed for trading on the SIX Swiss Exchange, they are available for purchase in USD and EUR on Euronext Amsterdam, Xetra, and Euronext Paris, respectively.

The cessation of trading activity does not affect its availability in CHF on the SIX Swiss Exchange. That operation remains unchanged. Multi-currency trading ceased effective December 11, 2023, after the close of trading.

VanEck is currently being led by Jan van Eck, the Chief Executive Officer, who believes that one must dare to be different instead of settling for what is traditional. VanEck operates to provide opportunities to investors, enabling them to strengthen their portfolios. The company’s approaches are designed to be forward-looking and intelligent to support value-added exposures.

The assets under the AUM of VanEck are valued at $76.4 billion as of September 30, 2023. ETFs (Exchange Traded Funds), mutual funds, UCITS Funds, and institutional funds are among the additional products provided by the corporation. Asia, Europe, Latin America, and Australia are all included in VanEck’s local offerings.

Per the last public disclosure, VanEck was seen housing 377 full-time employees, 64 investment professionals, and 25 average years of portfolio manager experience.

VanEck undertakes initiatives pertaining to different segments of the market. This includes tax information, income investing, Bitcoin, and other digital assets.

While the statement was made in the middle of December of last year, it has had no effect on the market price of any token. For example, BTC has increased by 9.90% in the last 30 days. It is hovering around the $46k range. Similarly, ETH has increased by 17.655 in the previous 30 days and is now worth $2,616.27. In the previous 30 days, SOL has increased by 49.49%. Solana’s native token is currently trading at $98.31 and is expected to cross the $100 mark in the next few days. ETH, like BTC, is likely to maintain its current margin.

It is also reasonable to believe that the recent increase is the result of speculation about Bitcoin ETF approval, followed by SEC approval of applications. Despite experiencing a setback in the early days of January 2024, this has restored the market’s condition. A report at that time suggested that applications for Bitcoin ETFs might be denied on the grounds that fund managers had not fulfilled specific requirements.

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VanEck has ceased multi-currency trading in USD for select ETPs. Certain terms and conditions govern each product, but ceasing their trading is part of a periodic review, the details of which are yet to be made public. It is recommended to visit VanEck’s official website for clarity about which products are available for trade.

Scott Cook

Scott Cook got into crypto world since 2010. He has worked as a news writer for three years in some of the foremost publications. He recently joined our team as a crypto news writer. He regularly contributes latest happenings of crypto industry. In addition to that, he is very good at technical analysis.

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