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VanEck filed Bitcoin ETF is likely to be approved by US SEC

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  • Bitcoin ETF application has been filed by VanEck again in the hope of approval
  • VanEck’s product will consist of BTC futures and other BTC funds, similar to Invesco’s product
  • The application has been submitted under the Investment Company Act of 1940
  • Eric Balchunas believes that VanEck’s Bitcoin Strategy ETF application is likely to be approved

Bitcoin ETF or exchange-traded products have been seeking approvals in the US for several years. None of the proposals from several investments and assets managers were approved ever in the past. Earlier this year, when Gary Gensler was about to become the United States Securities and Exchange Commission (SEC) chair, several were optimistic about BTC ETFs approval. Notably, the regulator approved the first such financial product in the United States. Recently, VanEck has also applied to launch a Bitcoin Strategy ETF. It is expected that the regulator will approve the proposal.

What will VanEck’s Bitcoin ETF consist of?

VanEck has filed the Bitcoin ETF proposal under the Investment Company Act of 1940. Notably, the filings were similar to Invesco’s BTC exchange-traded product that was filed with the US SEC last week. Indeed, VanEck’s product will consist of BTC futures and other BTC funds, similar to Invesco’s product.

Fourth BTC application likely to be approved

Eric Balchunas, a senior ETF analyst for Bloomberg has revealed the application by VanEck. Eric noted that the latest proposal is the fourth one submitted under the Investment Company Act 1940. Thus, the filing is as required by the US SEC and the SEC chair, Gary Gensler. Hence, following the scenario, Eric deemed this fourth Bitcoin ETF application is likely to be approved.

VanEck has previously filed for crypto ETFs

VanEck has also proposed to launch an Ethereum exchange-traded product previously. The asset manager entitled the financial product as VanEck Ethereum Trust. In contrast, the approval was meant to be traded on the Cboe BZX Exchange.

Notably, the asset manager has previously filed for Bitcoin ETF several times. VanEck was hoping to receive the US agency’s approval. In December 2020, VanEck made its last attempt. 

VanEck has launched a crypto ETF in Europe

The asset manager has also introduced its first crypto ETF in Europe. The exchange-traded product of the firm has been listed on the London Stock Exchange and the Deutsche Boerse. The financial instrument tracks the MVIS Global Digital Assets Equity index. Ultimately, the product follows the performance of the largest and most liquid firms operating in the blockchain ecosystem.

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