VanEck Submits Amended Application for Spot Bitcoin ETF
New York-based asset management firm VanEck has submitted an amended application for a spot Bitcoin ETF to the US Securities and Exchange Commission (SEC). This comes after the company faced its third rejection from the SEC earlier this year. Unlike other applicants, VanEck plans to use Bitcoin itself for fund seeding, rather than relying on cash-based seeding. The company’s Bitcoin Trust aims to function as an ETF with shares trading on the Cboe BZX Exchange. The trust will maintain Bitcoin holdings instead of cash in order to emulate Bitcoin’s performance. Each “Creation Basket” of shares will be pegged to the amount of Bitcoin it represents. VanEck’s move follows a wave of revised applications for spot Bitcoin ETFs from other firms.
VanEck Expands into Ethereum Futures
In addition to its spot Bitcoin ETF proposal, VanEck is also venturing into the Ethereum futures market. The company is awaiting SEC approval for its Ether Futures ETF, which will feature cash-settled futures contracts available for trading on a regulated platform.
Hot Take: Progress in the Spot Bitcoin ETF Race
The recent flurry of amended applications for spot Bitcoin ETFs, including VanEck’s revised filing, indicates progress in the race to launch a regulated Bitcoin ETF in the US. Asset managers are addressing concerns raised by the SEC and refining their proposals accordingly. While the SEC has delayed decisions on multiple applications, market participants remain hopeful that a resolution will be reached in the near future. If approved, a spot Bitcoin ETF could provide investors with an accessible and regulated way to gain exposure to Bitcoin, potentially attracting more institutional interest and boosting mainstream adoption of cryptocurrencies.
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