New Spot Bitcoin ETF Filing Submitted by VanEck

Alex Dovbnya

Investment giant VanEck has resubmitted application for spot Bitcoin ETF to SEC

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Quest for spot ETFIs it inevitable?

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). Its competitors, including BlackRock, recently made similar moves.

Quest for spot ETF

A spot Bitcoin 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, spot Bitcoin ETFs are regulated financial products, meaning that they offer a higher level of security.

In June, the investment firm came up with a new application to the securities watchdog for a spot Bitcoin ETF. This filing came just months after the agency shot down its prior request.

This move followed the regulator’s recent denial of similar applications from Grayscale Investments and Bitwise.

Following its application rejection, Grayscale Investments initiated and won legal action against the SEC.

BlackRock, the world’s leading asset manager, has also refined its own bid for such a product. This move is seemingly a tactical response to feedback and observations, mirroring strategies undertaken by financial titans like Ark and Fidelity.

Is it inevitable?

The SEC has consistently voiced worries about potential market manipulation related to the fledgling cryptocurrency.

However, in recent interviews, former SEC Chair Jay Clayton stated that a Bitcoin ETF approval is “inevitable.” Meanwhile, SEC Commissioner Hester Peirce, dubbed “Crypto Mom,” also expressed her support for it.

Galaxy Digital predicts that the much-coveted products could attract more than $14 billion in their first year, with this figure potentially rising to $39 billion by the third year.

About the author

Alex Dovbnya

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.

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