Putnam Investments Trims Stake in VanEck Vectors Gold Miners ETF Ahead of Bitcoin ETF Approval
Putnam Investments LLC has decided to trim its stake in the VanEck Vectors Gold Miners ETF (NYSEARCA:GDX). According to the company in the latest 13F filing with the Securities and Exchange Commission (SEC), Putnam Investments reduced by 6.1% its stake in the second quarter.
This is quite negative for VanEck, one of the companies behind the most awaited Bitcoin exchange traded fund (ETF). The SEC will have to take a decision on whether it approves or it delays the VanEck SolidX Bitcoin Trust ETF on September 30. If the decision is delayed once again, the final test would be on February, 2019.
Putnam Investments LLC owned 2,875,200 shares of the exchange traded fund’s stock. Additionally, it wned 0.87% of VanEck Vectors Gold Miners ETF valued at $64 million dollars.
There are other investors that decided to buy and sell GDX’s shares. For example, Zurich Cantonalbank purchased a stake in shares of VanEck Vectors Gold Miners ETF in the 1st quarter. At the same time, Cambridge Investment Research Advisors Inc. took the decision to lift its position in shares of GDX. Its position increased 9.1% after purchasing 24,857 shares.
There are other companies such as Transamerica Financial Advisors Inc., Cetera Investment Advisers and IFP Advisors Inc that increased their positions in GDX’s shares.
VanEck is a key part of the Bitcoin Trust ETF that might be approved by the SEC in the next days. However, the company is experiencing some turbulence with the decision taken by Putnam Investments LLC.
Nonetheless, the approval of the so awaited Bitcoin ETF is not related to what the company is doing in other areas. The SEC is worried about market manipulation and lack of liquidity in the cryptocurrency world. Back in August, the regulatory agency decided to delay the approval of this ETF, but the market has not change substantially to be approved in the next days.
The ETF is likely going to be approved by December 2019, but it is important to follow closely how VanEck performs and whether that has an impact in the Bitcoin ETF or not.