VanEck becomes part of asset managers revising applications for a spot Bitcoin ETF in the U.S. The United States Securities and Exchange Commission’s (SEC’s) database showed that on October 27, a revised application for a spot Bitcoin exchange-traded fund (ETF) was filed by VanEck, an asset manager.
The revised filing shows the purchase of Seeds Creation Basket, which entails a block of 50,000 shares of the proposed exchange-traded fund by a seed capital investor.
VanEck Adjusts Spot Bitcoin ETF Application
The prices of BTC were established by MarketVector Bitcoin Benchmark Rate, a guide utilized as the cryptocurrency’s reference price. Scott Johnsson, a finance attorney, said the filing indicates the funding seeding will be executed by Bitcoin, unlike the rest of the spot Bitcoin ETF proposals that have seeding in cash.
Unlike investors searching for Bitcoin exposure through traditional asset managers, a spot Bitcoin exchange-traded fund would directly invest in Bitcoin. This new filing has resulted in VanEck joining a growing list of asset managers revising their spot Bitcoin exchange-traded fund applications.
In September this year, Bitcoin Asset Management filed a modified application that responded to the Securities and Exchange Commission’s grievances concerning the product.
Earlier in October, 21Shares and ARK Invest also revised their joint application, offering more data concerning their proposed spot BTC EFF. This includes valuation and asset custody practices.
SEC Reluctant to Approval of Bitcoin ETF Application
The revised filings prevalence might show progress in talks between regulators and asset managers. Eric Balchunas, an ETF analyst, commented on filings pending regulatory approval by saying that alterations in ETF proposals might depict SEC appeals for issuers to address problems.
On X (previously Twitter), Balchunas said that ARK received the Securities and Exchange. Commission’s comments and has addressed them. Currently, the ball is back in the agency’s court.
The SEC has held its verdict on numerous proposals for spotting Bitcoin exchange-traded funds nationwide. This includes VanEck, BlackRock, Valkyrie, Invesco, and BlackRock. According to market analysts and participants, a verdict must be made soon.
Delay Causing Long Wait Syndrome Triggering Rumours
The delay is yielding opportunities for fake news to surface, alleging the approval of various bids. Recently, fake news traced to a crypto news platform caught the SEC by surprise, alleging approval of BlackRock’s bid for spot Bitcoin ETF. While the two parties dismissed the claims as fake news, it triggered an uptrend in Bitcoin price before cooling off.
Market observers and fellow applicants are projecting the SEC to approve the applications at a go similar to the spot Ethereum future ETF bids. Doing so would erode the opportunity for applicants to leverage first-mover benefits.
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