VanEck Files Amended Application for Bitcoin ETF with SEC
New York-based asset management firm VanEck has taken a significant step towards launching a spot Bitcoin exchange-traded fund (ETF) by submitting an amended application to the United States Securities and Exchange Commission (SEC).
In a notable departure from the strategies followed by other applicants seeking approval for spot ETFs, VanEck opted to submit amended filings related to its fund seeding on October 27. This distinctive approach distinguishes VanEck from other contenders in the spot Bitcoin ETF arena.
Andddddd @vaneck_us joins the amendment filings for spot #bitcoin ETF issuers. h/t @NateGeraci pic.twitter.com/zdYuUTAaE6
— James Seyffart (@JSeyff) October 29, 2023
Notably, the US SEC had previously rejected VanEck’s proposal to list and trade shares of the VanEck Bitcoin Trust on March 10. This marked the third time the regulator had denied VanEck’s bid for a spot Bitcoin ETF.
This decision aligns with the broader trend of the SEC consistently rejecting various ETFs designed to track digital assets, including VanEck’s prior applications in June of the previous year and in November 2021. These rejections primarily revolve around concerns regarding potential market manipulation within the underlying digital asset market.
Finance lawyer Scott Johnsson pointed out that this new filing implies that VanEck’s Bitcoin ETF will use Bitcoin itself for fund seeding, deviating from the cash-based seeding method employed by other spot Bitcoin ETF proposals.
In VanEck’s amended filing, it is outlined that the VanEck Bitcoin Trust is designed as an exchange-traded fund (ETF) that issues common shares of beneficial interest trading on the Cboe BZX Exchange. The trust’s primary investment objective is to mirror the performance of
Read more on cryptonews.com
