VanEck inverter power has returned to sent an application for a spot Bitcoin exchange-traded fund (ETF) to the US Securities and Exchange Commission (SEC). Its competitors, including BlackRock, recently took similar steps.
Spot ETF Search
A Bitcoin spot ETF is a desirable product because it provides investors with a way to gain exposure to Bitcoin without the complexities of directly purchasing, storing and managing the cryptocurrency, thus making it more accessible to a broader range of investors, both retail and institutional. . In addition to this accessibility, Bitcoin spot ETFs are regulated financial products, meaning they offer a higher level of security.
In June, the investment firm submitted a new application to the securities regulator for a spot Bitcoin ETF. This filing came just months after the agency rejected its previous application.
This move followed the regulator’s recent denial of similar requests from Grayscale Investments and Bitwise.
Following the rejection of its application, Grayscale Investments initiated and won legal action against the SEC.
BlackRock, the world’s leading asset manager, has also refined its own offering for such a product. This move is apparently a tactical response to feedback and observations, and reflects strategies undertaken by financial titans like Ark and Fidelity.
It is unavoidable?
The SEC has consistently expressed concerns about potential market manipulation related to the nascent cryptocurrency.
However, in recent interviews, former SEC Chairman Jay Clayton stated that the approval of a Bitcoin ETF is “inevitable.” Meanwhile, SEC Commissioner Hester Peirce, nicknamed “Crypto Mom,” also expressed support for her.
Galaxy Digital predicts that the highly sought-after products could attract more than $14 billion in their first year, and this figure could rise to $39 billion in the third year.
