Investment Firm VanEck Applies for Spot BTC ETF, Following Grayscale’s Rejection

Investment Firm VanEck Applies for Spot BTC ETF, Following Grayscale’s Rejection

Will the US SEC continue its carnage and reject yet another BTC spot exchange-traded fund (ETF)?

VanEck, one of the first NY-based investment organizations to provide investors more access to international markets, has recently refiled an application for a spot BTC ETF with the US Securities and Exchange Commission (SEC).

VanEck’s first attempt to get its ETF approved by the SEC was unsuccessful as it rejected the application back in November 2021. According to the agency, the inaugural exchange-traded fund (ETF) failed to ensure that any manipulative acts would be prevented, as well as that the investors would have full protection.

Did you know?

Want to get smarter & wealthier with crypto?

Subscribe - We publish new crypto explainer videos every week!

What is Solana in Crypto? (Beginner-Friendly Animation)

What is Solana in Crypto? (Beginner-Friendly Animation) What is Solana in Crypto? (Beginner-Friendly Animation)

The filing, issued on June 24th, read that “spot commodities and currency markets for which it has previously approved spot ETPs are generally unregulated,” adding:

“The Commission relied on underlying futures market as the regulated market of significant size that formed the basis for approving the series of Currency and Commodity-Based Trust Shares, including gold, silver, platinum, palladium, copper, and other commodities and currencies.”

According to VanEck, this time around, the new filling is more sufficient than the previous one as it dictates a number of reasons why the ETF should be approved. The final deadline for VanEck’s Bitcoin ETF is reportedly March 3rd, 2023.

The latest proposal comes right after DCG’s subsidiary dubbed Grayscale Investments ETF got rejected by the SEC on Tuesday. The crypto investment company immediately filed a lawsuit against the agency, implying that it should review its decision to not convert GBTC to a BTC ETF.

ARK, an American-based investment management firm, and 21Shares, an investment product issuer, are also trying to get their collaborative ETF licensed in the US after the SEC previously rejected the filling. The decision is expected to arrive by January 24th, 2023.

The SEC has in fact approved only one BTC Spot ETF over its course, dubbed Purpose Bitcoin (BTC) exchange-traded fund (ETF).

Gyth L. - Crypto Analyst

by Gyth L. - Crypto Analyst, BitDegree


Loading...