VanEck Modifies Bitcoin ETF Spot Application

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VanEck is the latest name to join the asset management firm in updating its Bitcoin ETF spot app.

Recently, VanEck has just resubmitted a Bitcoin ETF spot modification application to the U.S. Securities and Exchange Commission (SEC).

The revised filing highlighted a seed investor buying 50,000 shares of the ETF in October. Bitcoin prices are determined by MarketVector’s Bitcoin Benchmark Index, which is used as a reference price for the electronic currency.

document Revised SEC Bitcoin ETF Spot.

Financial lawyer Scott Johnsson said the document shows that the Bitcoin fundraising is different from other Bitcoin spot ETF proposals – raising funds in cash.

With this new filing, VanEck officially joins the growing list of asset managers updating spot applications for Bitcoin ETFs. In September, Bitwise Asset Management also submitted an amendment to the SEC’s objections to the product.

Earlier this month, ARK Invest and 21Shares also amended their joint application to provide more information about the Bitcoin ETF Spot, including its custody practices and asset valuation.

It can be seen that along with the wave of revised filings, negotiations between asset management companies and regulatory agencies are progressing smoothly.

Referring to documents awaiting regulatory approval, analyst Eric Balchunas noted that the changes to the ETF proposal may reflect the SEC’s requirement for issuers to address regulatory concerns.

It is understood that the Bitcoin ETF is a group of assets linked to the price of BTC that are purchased, securitized and sold by companies, or traded on traditional exchanges rather than cryptocurrency exchanges.

Unlike Bitcoin futures ETFs, which are based on contracts for Bitcoin’s future price, Bitcoin spot ETFs will be based on the current Bitcoin price, thus reflecting Bitcoin’s current market capitalization.

The Bitcoin ETF spot is popular among the FOMO and bullish communities because it is a gateway that opens up the flow of capital from financial markets into the cryptocurrency space, helping investors put money into these assets without actually owning them.

However, the process of getting a Bitcoin ETF approved is not simple. Concerns about market manipulation, liquidity and the inherent volatility of the asset class are among the reasons why regulators like the U.S. Securities and Exchange Commission are cautious.

Currently, the SEC is still delaying a decision on multiple Bitcoin spot ETF proposals. Market participants and analysts expect a decision to be made in the coming months or even next year.

Bitcoin ETF Spot Application Checklist and SEC Approval Deadline