On December 8, the investment firm VanEck submitted the fifth amended request for a spot Bitcoin exchange-traded fund (ETF).
As indicated by the regulator’s database, the updated S-1 Form filed with the United States Securities and Exchange Commission (SEC) details alterations to the VanEck Bitcoin Trust. This ETF type allows individuals to acquire shares in a fund that mirrors Bitcoin’s price movements.
The anticipated label for the VanEck ETF is “HODL,” a term frequently used among Bitcoin enthusiasts either as a misspelling of “hold” or as an acronym for “hold on for dear life.” It represents a strategy of acquiring Bitcoin and retaining it without selling, a practice embraced by some in the Bitcoin community.
VanEck's bitcoin ETF ticker will be $HODL.. a departure from the more boring Boomer-y choices from BlackRock, Invesco and Fidelity. Who knows tho, maybe smart to differentiate here. Plus, VanEck specializes in niche and has solid retail base. https://t.co/yKLEPXfd1e
— Eric Balchunas (@EricBalchunas) December 8, 2023
Bloomberg Intelligence analyst James Seyffart highlighted key points in the amendment, noting that the language about creating or redeeming in the S-1 filings covers both in-kind and cash. He suggests that this trend might indicate a preference for maintaining this flexibility.
Update: @vaneck_us has submitted an S-1 Amendment for their spot #Bitcoin ETF. They’ve been trying to launch this thing for so many years that it’s amendment number 5 for them. pic.twitter.com/hBugrf8NVK
— James Seyffart (@JSeyff) December 8, 2023
However, Seyffart also pointed out that 19b-4 approvals might initially restrict the creation to cash, pending potential updates for confirmation, leading to continued anticipation for more clarity.
VanEck submitted a revised application for a spot Bitcoin ETF to the U.S. SEC at the end of October. This adjustment involved modified filings regarding its fund seeding, setting it apart from other applicants in the spot Bitcoin ETF market.
During this period, the amendment reflected a broader trend of revised applications for spot Bitcoin ETFs. Bitwise Asset Management, followed by ARK Invest and 21Shares, similarly adjusted their applications in the previous month to address SEC concerns.
In the ongoing race for a spot Bitcoin ETF, investors eagerly latch onto any promising news, driving upward momentum in Bitcoin (BTC) prices.
VanEck anticipates the SEC to approve a Bitcoin ETF spot in January and foresees potential inflows of around $2.4 billion in the first quarter.
