Asset manager VanEck has submitted an amended application for a spot Bitcoin (BTC) exchange-traded fund (ETF) with the US Securities and Exchange Commission (SEC), according to regulatory filings.
The revised filing reveals that a seed capital investor purchased the Seed Creation Baskets in October, which includes 50,000 shares of the proposed ETF. The purchase was made using Bitcoin, with prices determined by the MarketVector Bitcoin Benchmark Rate.
The filing indicates that the fund seeding for this particular ETF will be conducted with Bitcoin, which sets it apart from other spot Bitcoin ETF proposals that use cash for seeding.
A spot Bitcoin ETF would directly invest in Bitcoin, rather than Bitcoin futures like existing ETFs. As a result, the spot version is expected to attract significant investments from investors seeking Bitcoin exposure through traditional asset managers.
VanEck is just one of several asset managers that have updated their applications for a spot Bitcoin ETF. Bitwise Asset Management, ARK Invest, and 21Shares have also filed amended applications in response to objections from the SEC.
The surge in amended filings suggests that negotiations between asset managers and regulators are progressing. Analysts believe that the changes in ETF proposals may reflect SEC requests for issuers to address concerns.
The SEC has delayed its decision on various proposals for spot Bitcoin ETFs, including those from BlackRock, Invesco, Bitwise, VanEck, and Valkyrie. Market participants and analysts anticipate that a decision will be made in the coming weeks.
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