© Reuters. New Bitcoin (BTC) ETF application submitted by VanEck
U.Today – Investment firm VanEck has made a new push in the race to get an exchange traded fund (ETF) approved through an amended S-1 filing with the U.S. Securities and Exchange Commission (SEC).
This move, combined with a strong social media campaign highlighting Bitcoin's potential, signals VanEck's determination to position itself at the forefront of the cryptocurrency ETF space.
The updated filing comes at a critical time as many companies are refining their offerings ahead of the SEC's final decision deadlines next month.
Meanwhile, industry giant BlackRock (NYSE:) named Jane Street and JPMorgan (NYSE:) as authorized participants (APs) in its own updated application, setting a competitive pace in the race for ETF approval.
Getting ready
VanEck's latest change reveals a strategic shift towards an all-cash approach for its Bitcoin ETF (TSX:). This distinguishes this filing from previous proposals that included in-kind contributions that were not approved by the SEC.
Releasing a new commercial alongside the filing doubles the company's appeal to both institutional and retail investors.
APs will not be formally named in this change, but the requirement for an effective prospectus prior to launch means that details such as underwriters and associated fees will be disclosed in due course to provide clarity to potential investors.
An impending surge in trade?
As the industry now focuses on the possible launch of a Bitcoin ETF, major cryptocurrency exchange Coinbase (NASDAQ:) has declared its readiness for an increase in trading activity.
A Coinbase spokesperson emphasized that their systems are “extensively prepared for ETF approval” and are designed to accommodate an increase in trading volume and liquidity.
This assurance comes as Coinbase expects greater demand for its systems with the launch of spot Bitcoin ETFs.
This article was originally published on U.Today
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