Different Approach: VanEck Files for a Bitcoin Strategy ETF with The SEC
The global investment management company VanEck has filed again for a Bitcoin Strategy exchange-traded fund (ETF). The US firm has tried several times in the past few years but the SEC is yet to approve a single BTC ETF.
- New York-based investment firm VanEck submitted an application to the SEC to roll out a BTC Strategy ETF.
- The ETF will contain bitcoin futures, bitcoin funds, and various other investment instruments related to the primary cryptocurrency.
- According to Bloomberg’s analyst – Eric Balchunas – this is the fourth Bitcoin ETF filed with the SEC under the 1940 Act. Moreover, he claims that the Commission’s Chair – Gary Gensler – has hinted that they have a higher chance of being greenlighted.
- Interestingly, VanEck has previously submitted numerous Bitcoin ETFs to the agency, but to no avail so far.
- A few weeks ago, the president of the investment company – Jan van Eck – asserted that the firm’s customers have a growing appetite for such a financial instrument and urged the SEC to approve it:
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“We really think the SEC should approve a Bitcoin ETF. Can’t predict what the SEC will do, but investors are really asking for a more efficient access vehicle.”
- In fact, VanEck also filed for an Ethereum ETF. If approved, the application would become the first Ethereum exchange-traded fund available on the US market.
- It is worth noting that as of the moment, the SEC has not approved even a Bitcoin or any other ETF tracking the performance of a digital asset in the United States.
- At the same time, the Canadian’s securities regulator have already authorized several companies such as Galaxy Digital and CI Global Asset Management to launch such a product in the northern country.
