VanEck Submits Amended Application for Bitcoin ETF
Global asset manager VanEck has filed an amended application for a spot Bitcoin exchange-traded fund (ETF) with the US Securities and Exchange Commission (SEC). This move by VanEck follows similar actions taken by other asset managers who have also submitted amended applications for spot Bitcoin ETFs.
VanEck Reveals Seed Capital Investor
In October, VanEck announced that it had secured an unnamed seed capital investor who acquired Seed Creation Baskets for the VanEck Bitcoin Trust. These baskets, which consist of 50,000 shares of VanEck’s proposed ETF, were purchased using Bitcoin as indicated by finance lawyer Scott Johnson.
Similarities with BlackRock’s Amended Application
VanEck’s amended filing shares similarities with BlackRock’s recent application. Both issuers are represented by the same lawyers at Clifford Chance. In its amended filing, BlackRock made changes to the pricing details of its ETF and included specific information on how the pricing source is determined in its financial statements.
Fierce Competition for First US Spot Bitcoin ETF
BlackRock was the first asset manager to file an application for a spot Bitcoin ETF and is now facing competition from other managers like Grayscale, Fidelity, and Ark Invest. Grayscale recently won a courtroom victory that ordered the SEC to review its spot Bitcoin ETF application.
Bitcoin’s Upward Momentum
The news of potential Bitcoin ETFs has had a positive impact on the cryptocurrency market. Bitcoin remains strong above $34,000, while altcoins like Ethereum, Ripple, and Solana are expected to experience further price growth.
Hot Take: Crypto Market Optimistic about Bitcoin ETF Prospects
The submission of an amended application for a spot Bitcoin ETF by VanEck, one of the leading global asset managers, indicates growing optimism in the cryptocurrency market. With competition heating up among asset managers like BlackRock, Grayscale, Fidelity, and Ark Invest, the possibility of a Bitcoin ETF being approved by the SEC seems more likely. This news has contributed to the positive momentum of Bitcoin and other cryptocurrencies, signaling potential further price growth in the near future.
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