VanEck
Retries Proposing Bitcoin ETF to the SEC
VanEck, one of the prior
proponents for a bitcoin-based exchange-traded fund (ETF) has tried again and
submitted a new application to the U.S. Securities and Exchange Commission
(SEC) for a “VanEck Bitcoin Trust.”
An ETF has several advantages
as it trades on the stock market in the same way shares of companies like
Apple and Microsoft do, making cryptocurrency exposure more accessible.
VanEck has previously proposed ETFs, but withdrew its most recent application
in September 2019, even though it maintained its commitment to a bitcoin ETF.
The application details the ETF
would trade on the Cboe BZX Exchange, and the number of outstanding shares
will depend on how much BTC is delivered to the Trust and held by a custodian
that hasn’t yet been designated.
The SEC has considered several
applications for a bitcoin-based ETF and reject them all, at one point
rejecting nine proposals on the same day.
