VanEck’s NODE ETF Debuts May 14—30‑Stock Crypto Infrastructure Play With Cayman Tax Twist

Key Takeaways:

• NODE selects over 30 crypto companies for diversified regulatory exposure.
• The ETF sidesteps SEC rules by avoiding direct crypto ownership.
• Employs Cayman corporate structure for 25% crypto exposure.

VanEck, a leading asset management firm, has announced regulatory approval for its Onchain Economy ETF (NODE), which is scheduled to launch on May 14.

The ETF, which is actively managed, is designed to give investors direct equity exposure to the companies driving digital asset infrastructure without the need to hold cryptocurrencies.

The development was confirmed by Matthew Sigel, Head of Digital Assets Research at VanEck’s in an April 16 post.

VanEck initially filed the application with the U.S. Securities and Exchange Commission (SEC) on January 15.

According to the regulatory filing, the ETF, expected to go live in May, will consist of 30 to 60 equity holdings selected from a larger universe of over 130 publicly traded firms with strong ties to the digital asset ecosystem.

Now Effective: VanEck Onchain Economy ETF ($NODE)

Actively managed, $NODE will aim to hold 30–60 names from a 130+ stock universe tied to the digital asset economy:

>Exchanges, miners, data centers
>Energy infra, semis/hardware, TradFi rails
>Consumer/gaming & asset managers… https://t.co/zokQwHKpGY pic.twitter.com/3ijf5rEQB2

The ETF’s target portfolio spans a wide range of sectors important to the crypto economy. This includes investments in cryptocurrency exchanges, Bitcoin mining companies, data centers, asset managers, and firms with crypto holdings on their balance sheets.

The fund will maintain a 0.69% management fee, and at least 80% of its net assets will be allocated to “Digital Transformation Companies” or digital asset instruments, as defined in the filing.

VanEck emphasized that these “Digital Transformation Companies” are selected through a rigorous framework combining fundamental analysis, market trend assessment, strategic positioning, and relative valuation metrics.

Additionally, the ETF will offer exposure to infrastructure providers, technology developers, and firms that offer the core services and hardware supporting digital asset operations.

While the filing specifies that the fund seeks exposure to the largest digital assets by market capitalization, it distinctly excludes stablecoins from its digital asset strategy.

Whether this exclusion applies only to the stablecoin products themselves or also extends to stablecoin-issuing companies is still unclear.

Despite this, NODE maintains a flexible investment framework that allows for diversified exposure through foreign securities, American Depositary Receipts (ADRs), Global Depositary Receipts (GDRs), and a variety of commodity-linked instruments.

To ensure compliance with U.S. tax regulations, NODE will incorporate an offshore subsidiary located in the Cayman Islands.

This structure allows the ETF to gain indirect exposure to digital asset instruments, including commodity futures, swaps, and other pooled investment vehicles, a strategy similar to that employed by other commodity-linked ETFs in the past.

VanEck stated that investments in the offshore subsidiary would be capped at 25% of the ETF’s total assets at the end of each quarter.

This limitation ensures that NODE is compliant with federal rules restricting the level of direct commodity or crypto exposure that registered investment companies can hold.

The launch of NODE also comes at a time when VanEck has been actively expanding its ETF offerings related to the crypto sector.

In recent months, the firm filed applications for a BNB spot ETF and an Avalanche (AVAX) ETF, both of which appeared on Delaware’s official registry.

BREAKING NEWS: @vaneck_us has registered an #Avalanche ETF in Delaware, signaling a potential move towards filing for a spot $AVAX ETF.

This step reinforces growing institutional interest in @avax and could pave the way for its broader adoption. pic.twitter.com/WaMMTNaFPL

However, the path to approval for these newer ETFs is still unclear, as the U.S. SEC has delayed several decisions related to digital asset investment vehicles.

VanEck’s proposals for changes to its Bitcoin Trust and Ethereum Trust, for example, were met with a 45-day postponement by the Commission earlier this month.

Despite regulatory roadblocks, VanEck demonstrates a long-term commitment to the crypto space.

In a November 2024 appearance on CNBC’s Squawk Box, Matthew Sigel declared that Bitcoin is “just getting started,” asserting that the asset has entered “blue sky territory” with no historical resistance.

Sigel projected that Bitcoin could reach $180,000 in 2025, reflecting an aggressively optimistic outlook.

JUST IN: $100 billion asset manager VanEck predicts Solana $SOL will reach $520 by the end of 2025. pic.twitter.com/j7F2K9uPpz

VanEck has also released forecasts for other major digital assets, notably suggesting that Solana’s market capitalization could grow to $250 billion, translating to a token price of $520.

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