After the SEC approved Bitcoin futures ETFs in 2021, VanEck thinks nothing should stop the agency from authorizing a pure Bitcoin ETF.
One of the first companies to ever apply for a Bitcoin (BTC) exchange-traded fund (ETF), VanEck, is continuing to pursue its goal of launching a spot Bitcoin ETF in the US.
The company has resubmitted an application to the U.S. Securities and Exchange Commission for a physically-backed Bitcoin ETF (SEC).
the 24th day of June, Following the SEC’s November 12, 2021 rejection of VanEck’s prior spot Bitcoin ETF proposal, several months have passed.
VanEck outlined several justifications in its most recent filing asking the SEC to this time authorize a Bitcoin ETF.
The ETF provider said that U.S. funds are still able to invest in Bitcoin despite the absence of an exchange-traded product (ETP) for spot Bitcoin that is listed on a U.S. exchange. This is due to the fact that a lot of American ETPs use Canadian BTC ETPs to acquire exposure to spot BTC. The Purpose Bitcoin ETF was introduced in February 2021, making Canada one of the first nations in the globe to premiere a spot Bitcoin ETF, VanEck contended. This was originally reported by Cointelegraph.
As previously mentioned, on November 16, 2021, VanEck’s BTC futures ETF began trading on the Chicago Board Options Exchange.
“The only consistent outcome would be approving spot Bitcoin ETPs on the basis that the Bitcoin futures market is also a regulated market of significant size as it relates to the Bitcoin spot market,” the new filing states. “After issuing the Bitcoin futures approvals which conclude the CME Bitcoin futures market is a regulated market […]
Henry Jim, an ETF analyst at Bloomberg, estimates that the VanEck current spot Bitcoin ETF will expire on March 3, 2023.
One of the first American companies to apply for a Bitcoin futures ETF was VanEck.
The business first submitted a request for a physically-backed Bitcoin ETF in June 2018, but the SEC continued to delay its judgment until it finally rejected the idea three months later.