Recently, VanEck has resubmitted its application to amend the Bitcoin ETF Spot to the U.S. Securities and Exchange Commission (SEC).
The amended filing highlights a seed investor who purchased 50,000 shares of the ETF fund in October, with the price of Bitcoin being determined by the MarketVector Bitcoin Index, a cryptocurrency reference price.
According to financial lawyer Scott Johnsson, this filing demonstrates that funding with Bitcoin differs from other proposed Bitcoin Spot ETFs that use cash for funding.
With this new filing, VanEck has officially joined the growing list of asset managers updating their applications for Bitcoin ETF Spots. In September, Bitwise Asset Management also submitted amendments to address the SEC’s concerns about their product.
Earlier this month, ARK Invest and 21Shares also amended their joint applications, providing additional information about the Bitcoin ETF Spot, including custody arrangements and asset valuation.
It’s evident that with this wave of amended filings, negotiations between asset managers and regulatory agencies are progressing positively.
Speaking about the pending applications, analyst Eric Balchunas notes that changes in ETF proposals may reflect the SEC’s requirements for issuers to address concerns.
Bitcoin ETFs, unlike Bitcoin futures ETFs, are a group of assets related to Bitcoin’s price that companies buy, securitize, and trade on traditional exchanges rather than cryptocurrency exchanges.
Bitcoin spot ETFs are highly anticipated in the FOMO and bullish community as they provide a gateway for capital from the traditional financial market to flow into the cryptocurrency space without the need to physically own the assets.
However, the journey to approve a Bitcoin ETF is not straightforward. Concerns about market manipulation, liquidity, and the inherent volatility of this asset class are some of the reasons why regulatory bodies like the SEC exercise caution.
Currently, the SEC is still postponing its decision on several Bitcoin Spot ETF proposals. Market participants and analysts predict that a decision will be made in the coming months, possibly even next year.