Recently, an interesting development was spotted on the NASDAQ. New York asset manager VanEck has listed a new ETF that invests in digital-asset-focused companies. The ticker is DAPP, and it tracks the MVIS Global Digital Assets Equity Index.

Looking at the ETF’s features, they are quite specific. It targets companies that generate more than half of their revenue from digital asset projects, or that are likely to do so in the future. In other words, it can provide exposure to the entire digital asset ecosystem, including cryptocurrency exchanges, mining companies, payment solution providers, hardware manufacturers, and technology firms.

However, it does not purchase cryptocurrencies directly or invest via derivatives. Instead, it is structured to invest in the stocks of companies that are purely involved in this industry. VanEck’s rationale for moving this way is clear: as the digital asset industry matures, demand for related companies is increasing.

What’s interesting is that VanEck has also filed for a Bitcoin ETF at the same time. By the end of May, the SEC must either decide whether to approve it or extend the review period. VanEck’s move is a good example of how institutional investors are viewing the digital asset market.