VanEck Resubmits Bitcoin ETF Application Amid Growing Market Interest

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Key takeaways : 

  • Investment giant VanEck has resubmitted application for spot Bitcoin ETF to SEC
  • The company initially filed for a Bitcoin ETF with the U.S. SEC several years ago. 

In a bold move to tap into the surging demand for cryptocurrency investments, investment powerhouse VanEck has once again submitted an application for a spot Bitcoin exchange-traded fund (ETF) to the U.S. Securities and Exchange Commission (SEC). 

This follows in the footsteps of competitors like BlackRock, who have also made similar applications. 

VanEck’s journey towards launching a Bitcoin ETF in the U.S. market has been anything but smooth. Several years ago, the company initially filed for a Bitcoin ETF with the SEC, only to encounter regulatory hurdles that forced them to withdraw their applications. However, VanEck has remained unwavering in its determination and has been diligently working to address the concerns raised by the SEC, especially those related to market manipulation.

Interest in Bitcoin ETFs has been on the rise in recent months, and the mere talks of spot Bitcoin ETFs have significantly impacted BTC’s market price, pushing it up by over 20% in just a few weeks. This surge in demand underscores the anticipation of approval by the U.S. Securities and Exchange Commission (SEC) and the potential for these ETFs to bring cryptocurrency into the mainstream financial landscape.

One notable player in the digital space when it comes to ETFs is the ProShares ETF. This ETF has outshined its competitors, including VanEck’s ETF, by attracting a significant inflow of investors and generating substantial interest. Market analysis data reveals the strong demand for such investment vehicles.

While the SEC has consistently voiced concerns about potential market manipulation within the cryptocurrency space, recent interviews with former SEC Chair Jay Clayton have shed light on an encouraging perspective. Clayton stated that Bitcoin ETF approval is “inevitable,” hinting at a changing stance within the regulatory body. 

Additionally, SEC Commissioner Hester Peirce, affectionately dubbed “Crypto Mom,” has openly expressed her support for such ETFs, indicating a growing understanding and acceptance of digital assets in the traditional financial world.

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Aadrika Sharma
Aadrika Sharma

I enjoy writing and try to learn new things every passing day!

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