VanEck CEO Expects Spot Bitcoin ETF to Begin Trading Soon
According to the CEO of VanEck, the firm’s spot bitcoin exchange-traded fund (ETF) is expected to start trading on Thursday. This aligns with the expectations of other companies that believe the Securities and Exchange Commission (SEC) will approve these products in the coming days. Asset managers have been eagerly seeking approval for a spot bitcoin ETF, and they have been submitting updated forms as they get closer to obtaining SEC approval. Valkyrie Investments also anticipates a decision soon, with trading potentially beginning on Thursday morning.
Amended Filings Submitted
On Tuesday morning, VanEck and other ETF issuers filed amended S-1 forms to address final comments from the SEC. These forms included minor changes, such as language regarding insolvency of authorized participants or bitcoin trading counterparties. The next steps involve the approval of 19b-4 forms for each fund, followed by the effectiveness of the S-1 forms or registration statements.
Bloomberg Analyst Notes Quick Turnaround Time
Bloomberg Intelligence ETF analyst Eric Balchunas commented on the swift turnaround time between filing, comments, and re-filings. He noted that all parties involved are aiming to move forward with this process quickly.
About the Author
Sarah is a reporter at The Block, specializing in policy, regulation, and legal developments. With experience reporting on securities regulation, she has been covering cryptocurrency since then. Sarah has written for various finance-related publications and holds a degree in print and digital journalism from the University of Missouri. Based in Washington D.C., she is known for her love of coffee.
Hot Take: Expectations High for Approval of Spot Bitcoin ETFs
With the VanEck CEO expressing confidence in the start of trading for their spot bitcoin ETF, and other companies also anticipating approval, expectations are high for the SEC to greenlight these products. Asset managers have been working towards this milestone for months, with amended filings being submitted and minor changes addressed. The quick turnaround time between filing and re-filing suggests a sense of urgency among all parties involved. If approved, this would mark the first spot bitcoin ETF in the U.S., opening up new opportunities for investors in the cryptocurrency market.
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