VanEck Files Amended Application for Spot Bitcoin ETF
Asset manager VanEck has submitted an amended application for a spot Bitcoin exchange-traded fund (ETF) with the United States Securities and Exchange Commission (SEC). The filing reveals that a seed capital investor purchased the Seed Creation Baskets, consisting of 50,000 shares of the proposed ETF, using Bitcoin as the reference price. This sets VanEck’s filing apart from other spot Bitcoin ETF proposals that use cash for seeding. The introduction of a spot Bitcoin ETF is expected to attract significant investments from traditional asset managers seeking exposure to Bitcoin.
Growing List of Asset Managers Updating Their Applications
VanEck is now among several asset managers that have updated their applications for a spot Bitcoin ETF. Bitwise Asset Management, ARK Invest, and 21Shares have also filed amended applications in response to the SEC’s objections to their products. The increasing number of amended filings suggests ongoing negotiations between regulators and asset managers. Analysts believe that these changes reflect the SEC’s requests for issuers to address concerns. Notable firms such as BlackRock, Invesco, Bitwise, VanEck, and Valkyrie are awaiting regulatory approval for their spot Bitcoin ETF proposals.
Expectations of a Decision in the Coming Weeks
The SEC has delayed its decision on various spot Bitcoin ETF proposals in the US. However, market participants and analysts anticipate that a decision will be reached within weeks. The progress made by asset managers in addressing regulatory concerns is seen as a positive sign towards approval. The introduction of a spot Bitcoin ETF would provide investors with direct exposure to Bitcoin, distinguishing it from existing futures-based ETFs.
Hot Take: Spot Bitcoin ETFs Gain Momentum
The recent surge in amended filings for spot Bitcoin ETFs indicates growing momentum in the push for regulatory approval. As more asset managers update their applications to address SEC concerns, it suggests progress in negotiations between the industry and regulators. This development is encouraging for investors seeking exposure to Bitcoin through traditional asset managers. With the SEC expected to make a decision in the coming weeks, the launch of a spot Bitcoin ETF could have significant implications for the cryptocurrency market.
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