VanEck Files Revised Bitcoin ETF Application, Anticipates January Approval
Summary:
VanEck, an asset management company, has submitted its fifth revised application for a spot Bitcoin exchange-traded fund (ETF). The proposed VanEck ETF is expected to be listed under "HODL," a term popular in the cryptocurrency community. The choice of this unique ticker symbol received mixed reactions. While the SEC has yet to support any filings, VanEck anticipates spot Bitcoin ETF approval in January.
On December 8th, asset management company VanEck submitted its fifth revision of a spot Bitcoin exchange-traded fund application. The U.S. Securities and Exchange Commission's database reveals that the revised S-1 Form consists of the latest updates about the VanEck Bitcoin Trust, a spot Bitcoin ETF. A spot Bitcoin ETF allows individuals to purchase shares in a fund that mimics the value of Bitcoin. The proposed VanEck ETF is likely to be listed under "HODL", a term used by cryptocurrency enthusiasts which denotes the strategy of acquiring and indefinitely holding onto the digital asset.
This unique choice of ticker symbol for VanEck’s ETF grabbed the attention of X platform analysts, previously known as Twitter. The President of advisory firm The ETF Store, Nate Geraci, suggested that the ticker would resonate with those familiar with cryptocurrency. However, he acknowledged that it may confound Baby Boomers, yet he deemed this as a positive development as it won't garner unwanted attention on advisory statements, considering that the "HODL" strategy is frequently endorsed across various asset classes.
Bloomberg Intelligence Senior ETF Analyst, Eric Balchunas, stated that VanEck's choice of ticker diverges from more traditional options chosen by competitors like BlackRock and Fidelity, marking a distinctive approach by the company. VanEck also joined the discourse, sharing a comment on December 8th stating, "My #Bitcoin ETF will bring all the baby boomers to the yard, *if approved."
Other established firms, including BlackRock, Fidelity, Valkyrie, and Franklin Templeton, alongside VanEck, are competitors for an approved Bitcoin ETF spot. As yet, there has been no endorsement from the SEC for any filings. However, discussions have taken place between the SEC and representatives of these companies to clarify particulars of their fund proposals. A Bitcoin ETF spot approval is anticipated by VanEck in January, with an estimated $2.4 billion inflow in the first quarter.
Published At
12/9/2023 11:59:46 AM
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