VanEck Files Fifth Amendment for Spot Bitcoin ETF under 'HODL'

Asset manager VanEck has amended its application for a spot Bitcoin exchange-traded fund (ETF) under the ticker symbol 'HODL', which stands for 'hold on for dear life'

VanEck, an asset management firm, has submitted a fifth amendment to its application for a spot Bitcoin exchange-traded fund (ETF) with the US Securities and Exchange Commission (SEC). The amended filing highlights updates to the VanEck Bitcoin Trust, an investment vehicle that allows people to buy shares in a fund that tracks the price of Bitcoin. The unique aspect of this filing is the choice of ticker symbol, which will be 'HODL', a term used by Bitcoin enthusiasts to describe a strategy of holding onto the digital asset without selling. The decision to use 'HODL' has attracted attention and comments from analysts and industry experts.

Analysts and experts weigh in on the 'HODL' ticker symbol

Nate Geraci, president of the advisory firm The ETF Store, believes that those familiar with the crypto space will appreciate the ticker symbol. He also notes that it may not attract negative attention on advisor statements, especially from older generations who may not understand its meaning. Geraci sees it as a smart choice by VanEck. Eric Balchunas, a senior ETF analyst at Bloomberg Intelligence, agrees that the 'HODL' ticker symbol is a unique approach compared to the more traditional choices made by other companies in the industry, such as BlackRock and Fidelity.

VanEck itself also joined in on the fun by posting a comment on December 8, saying, "My #Bitcoin ETF will bring all the baby boomers to the yard, *if approved."

VanEck expects approval for its Bitcoin ETF spot in January

VanEck is one of several companies, including BlackRock, Fidelity, Valkyrie, and Franklin Templeton, vying for approval for a spot Bitcoin ETF. While the SEC has not indicated its support for these filings, it has been engaging in discussions with representatives from these firms to address technical details in their proposals. VanEck is optimistic about receiving approval in January and anticipates $2.4 billion in inflows in the first quarter of 2024.

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