BTC

VanEck Unveils Updated Spot Bitcoin ETF With “HODL” Ticker

by BSC News

December 8, 2023

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The ETF, named VanEck Bitcoin Trust, will be listed under the ticker "HODL." VanEck advisor Gabor Gurbacs expressed optimism about SEC approval in the coming year.

VanEck, the asset management firm, has submitted an amended filing for its spot Bitcoin exchange-traded fund (ETF), naming it VanEck Bitcoin Trust with the catchy ticker "HODL." 

This is VanEck's fifth attempt at launching a Bitcoin ETF. The company is optimistic about SEC approval in January, with discussions signaling a positive outcome. 

VanEck aims to seed the ETF with physical BTC, predicting a $2.4 billion influx in the first quarter and a BTC price surge to $100,000 in 2024. Bloomberg ETF analyst James Seyffart notes VanEck's persistent efforts in the Bitcoin ETF race and anticipates a resolution by the January deadline.

Industry Giants BlackRock and Bitwise Update Spot Bitcoin ETF Applications

In response to evolving SEC requirements, asset manager BlackRock recently submitted modified applications for the inaugural spot Bitcoin ETF in the U.S. BlackRock emphasizes robust monitoring measures for unusual price movements and strengthens AML compliance with an audited statement from PricewaterhouseCoopers. 

Furthermore, ARK Invest amended its joint spot Bitcoin ETF application with 21Shares on Nov. 20. The amended filing, dated Nov. 20, offers insights into the proposed spot Bitcoin ETF, including custody practices and asset valuation procedures. Bitcoin is trading at $43,666 at press time, up 24% in the last 30 days.

Disclaimer

Disclaimer: The views expressed in this article do not necessarily represent the views of BSCNews. The information provided in this article is for educational and informational purposes only and should not be construed as investment advice. BSCNews assumes no responsibility for any investment decisions made based on the information provided in this article

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