The asset manager filed an amended Form S-1 with the SEC on the effective date, switching to all-cash subscriptions like most issuers seeking spot Bitcoin ETF approval.
VanEck's update did not name the authorized participants for its VanEck Bitcoin Trust, an exchange-traded fund that aims to invest in the largest cryptocurrency by market capitalization at spot price.
Several other issuers, such as BlackRock, have filed amended prospectus filings to address the cash waiver emphasized by the U.S. Securities and Exchange Commission (SEC). However, these updates did not reveal any APs who are actual underwriters of these spot Bitcoin ETFs.
Underwriters guarantee payment and repayment in the event of financial losses. These APs are typically banks, insurance companies or investment houses. Should the SEC approve such products, spot Bitcoin ETF issuers like VanEck will have to disclose their APs before launch.
Before the launch, each issuer must file an effective prospectus. Essentially this means they can go live. Theoretically, an `/underwriter as well as fees and other details would have to be named there.
James Seyffart, Bloomberg ETF analyst
On December 29, VanECK also released a promotional video for X for the spot BTC ETF ahead of the expected approval in early January. Hashdex, another asset manager interested in the same crypto fund, also released marketing content and filed a new S-1 as companies appear to be ramping up their readiness.
Issuers and custodians also underwent leadership changes to position themselves for what Michael Saylor, CEO of MicroStrategy, said was the biggest development on Wall Street in more than three decades.
Grayscale has poached the head of Invesco's ETF business, while Aaron Schnarch has replaced Coinbase Custody CEO Rick Schonberg. Notably, Coinbase Custody is named as a custody partner for several spot BTC ETFs, including BlackRock, Valkyrie, Invesco and ARK 21Shares.
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