VanEck was one of the first companies to file for Bitcoin (BTC), an exchange-traded fund. It is still working on launching a spot Bitcoin ETF here in the United States.
The firm filed a new application with the U.S. Securities and Exchange Commission for a Bitcoin ETF that is physically backed.
The latest Bitcoin ETF application was filed by VanEck on June 24. This comes months after VanEck’s previous request for a spot Bitcoin ETF had been rejected by the SEC on November 12, 2021. The ETF’s alleged failure to comply with standards to protect investors, the public interest, and to “prevent fraudulent or manipulative acts and procedures”, was the basis for the decision by the securities regulator.
VanEck presented a number of reasons why the SEC should approve this Bitcoin ETF in its latest filing.
According to the ETF company, U.S. funds can gain exposure to Bitcoin regardless of whether there is a U.S.-listed spot Bitcoin ETP exchange-traded product (ETP). VanEck stated that many U.S. ETPs use Canadian BTC Exchange-Traded Products (ETPs) to gain exposure to spot BTC.
“Approving this proposal, and similar ones, would allow U.S. mutual funds and ETFs to have access to U.S.-listed and regulated goods rather than relying solely on flawed products or products primarily regulated elsewhere.”
Cointelegraph previously reported that Canada was the first country to launch a spot Bitcoin ETF. The Purpose Bitcoin ETF launched in February 2021.
VanEck stated that the SEC would approve a spot Bitcoin ETF after it had approved Bitcoin futures-based ETFs. VanEck’s BTC Futures ETF began trading on the Chicago Board Options Exchange (CBOE) on November 16, 2021.
The new filing states that “after issuing the Bitcoin Futures approvals which concludes the CME Bitcoin market is a regulated market the only consistent outcome is to approve spot Bitcoin ETPs on basis that the Bitcoin market is also an regulated market of substantial size as it pertains to the Bitcoin spot market.”
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Henry Jim, Bloomberg ETF analyst, stated that VanEck’s latest spot Bitcoin ETF deadline is March 3, 2023.
Van Eck attempts to spot #Bitcoin ETF once more Cboe files 19b-4 for VanEck Bitcoin Trust. This is a spot Bitcoin ETF that was disapproved last November. The SEC has not yet “noticed” the filing. Final deadline: Mar 3, 2023 MVIS(r) CryptoCompare Bitcoin Benchmark Ratehttps://t.co/mTJF14okCy https://t.co/5ckwIiOJFT pic.twitter.com/7xpPkBTuic
— ETF Hearsay, Henry Jim (@ETFhearsay), June 30, 2022
VanEck is a well-known American firm that filed for a Bitcoin futures ETF. Although VanEck originally applied for a Bitcoin futures ETF that was physically-backed in June 2018, the SEC delayed its decision on the matter three years later.