Alex Dovbnya
VanEck has updated its Bitcoin ETF application and adopted an all-cash approach
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Investment firm VanEck has made a new push in the race to get a Bitcoin exchange traded fund (ETF) approved by filing 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 named Jane Street and JPMorgan as authorized participants (APs) in its own updated application, setting a competitive pace in the race for ETF approval.
Getting ready
VanEck’s latest move reveals a strategic shift toward an all-cash approach to its Bitcoin ETF. This distinguishes this filing from previous proposals that included in-kind contributions that were not approved by the SEC.
By releasing a new commercial alongside the filing, VanEck is doubling its 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 prepares for the possible launch of a Bitcoin ETF, major cryptocurrency exchange Coinbase 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.
About the author
Alex Dovbnya
Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience reporting on everything related to the emerging industry – from price analysis to blockchain disruption. Alex has written more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He is particularly interested in the regulatory trends around the globe that are shaping the future of digital assets. He can be contacted at [email protected].
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