New Bitcoin (BTC) ETF Filing Submitted by VanEck

Fri, 12/29/2023 - 19:58
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Investment firm VanEck has made a fresh push in the race to secure approval for a Bitcoin Exchange-Traded Fund (ETF) by submitting an amended S-1 filing with the U.S. Securities and Exchange Commission (SEC). 

This move, combined with a robust social media campaign teasing the potential of Bitcoin, signals VanEck's commitment to positioning itself at the forefront of the cryptocurrency ETF space. 

The updated filing comes at a critical time as numerous firms fine-tune their offerings in anticipation of the SEC's final decision deadlines next month.

Menawhile, Industry titan BlackRock has named Jane Street and JPMorgan as authorized participants (APs) in its own updated filing—setting a competitive pace in the race toward ETF approval. 

Getting ready 

VanEck's latest amendment reveals a strategic shift to a cash-only approach for its Bitcoin ETF. This sets this filing apart from previous proposals that involved in-kind mechanisms, which the SEC has not approved. 

By dropping a new commercial alongside the filing, VanEck is doubling down on its appeal to both institutional and retail investors. 

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APs are not officially named in this amendment, but the requirement for an effective prospectus before launch means that details such as underwriters and associated fees will be disclosed in due course, offering clarity to potential investors.

An upcoming surge in trading?  

Now that the industry is preparing for the potential launch of a Bitcoin ETF, major cryptocurrency exchange Coinbase has declared its readiness for an increase in trading activity. 

A spokesperson from Coinbase emphasized that their systems have been "extensively prepared for ETF approval," designed to handle surges in trading volume and liquidity. 

This assurance comes as Coinbase anticipates a greater demand on its systems with the launch of spot Bitcoin ETFs.