VanEck Files for Spot Bitcoin ETF Registration
VanEck has taken a significant step towards launching a Spot Bitcoin ETF in the United States by filing a registration of securities with the U.S. Securities and Exchange Commission (SEC). This move adds to the list of more than a dozen applicants, including Fidelity and Grayscale, all competing for approval of the first spot Bitcoin ETF in the country.
Intensifying Competition in the Race
The filing by VanEck intensifies the competition among applicants as they approach the SEC’s decision. Fidelity and Grayscale have also made progress with their filings, highlighting the growing interest in this new investment avenue.
Goldman Sachs’ Involvement in ETFs
Goldman Sachs has become a major player, seeking essential roles in BlackRock and Grayscale’s ETFs. The involvement of major financial institutions demonstrates the increasing legitimacy and interest in cryptocurrency-based financial products. The industry eagerly awaits the SEC’s decision, expected between January 8th and 10th.
Achieving Approval through Regulatory Formalities
While recent developments, such as Fidelity’s approval from the CBOE to list its Bitcoin ETF offering, are significant milestones, they do not guarantee SEC approval for trading. The approval process involves completing various regulatory formalities, including the 19b-4 form and S1 filings.
The latest filing by VanEck, along with a reported meeting between the SEC and fund managers, confirms that the race for the Spot Bitcoin ETF is entering a critical phase. The upcoming week could be a turning point for cryptocurrency investment in the U.S., potentially allowing for the trading of the first ETFs.
Hot Take: Cryptocurrency Market Awaits SEC Decision on Spot Bitcoin ETFs
The filing of VanEck’s registration for a Spot Bitcoin ETF adds to the growing competition among applicants, including Fidelity and Grayscale. Major financial institutions like Goldman Sachs have also shown interest in cryptocurrency-based financial products. While recent milestones have been achieved, obtaining SEC approval for trading requires completing regulatory formalities. The upcoming decision from the SEC is highly anticipated and could shape the future of cryptocurrency investment in the U.S.
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