VanEck Submits Updates Spot BTC ETF Application: Details

On October 27, the prominent asset management firm, VanEck, submitted an amended application for a spot Bitcoin (BTC) exchange-traded fund (ETF) to the United States Securities and Exchange Commission (SEC).

VanEck Updates its Bitcoin ETF Application

The report indicates that in the amended application, it was emphasized that in October, a seed capital investor acquired Seed Creation Baskets comprising 50,000 shares of the proposed ETF. The Bitcoin prices for this acquisition were determined using the MarketVector Bitcoin Benchmark Rate, which functions as a cryptocurrency reference price.

VanEck to Use of Bitcoin for ‘Seeding’

Scott Johnsson, a finance lawyer, drew attention to the modifications in VanEck’s filing, particularly the noteworthy “affirmative addition” of using Bitcoin for “seeding” instead of cash. Nonetheless, he advised exercising caution in making sweeping conclusions based on these amendments.

Multiple Applications for a Bitcoin Spot ETF

This action can be seen as result of a larger industry-wide trend, with companies such as Bitwise Asset Management, Invesco, and Valkyrie fine-tuning their applications for spot Bitcoin ETFs, even in the face of prior rejections by the SEC over concerns of market manipulation. 

The SEC, meanwhile, maintains its stance of postponing decisions on these proposals. The surge of amended filings suggests that discussions between asset management firms and regulatory authorities may be advancing.

Bitcoin ETF Approval Around the Corner?

Recently, Coinbase, the largest cryptocurrency trading platform in the United States, has expressed strong confidence in the approval of a spot Bitcoin (BTC) exchange-traded fund (ETF) in the country. The company’s chief legal officer believes that the approval is highly likely, especially in light of the regulatory authorities’ unsuccessful legal battle against the digital asset investment firm Grayscale.

Likewise, Bloomberg’s ETF analysts, Eric Balchunas and James Seyffart, have significantly increased the likelihood of receiving approval for a spot Bitcoin ETF from the U.S. Securities and Exchange Commission (SEC) to 90%. This prediction follows updates to the spot Bitcoin ETF prospectus by Cathie Wood’s ARK Invest and 21Shares, in response to regulatory requests.