VanEck, a prominent player in the crypto sector, has persistently pursued its goal of launching a spot Bitcoin Exchange-Traded Fund (ETF). The latest development comes in the form of the fifth amendment to the S-1 Form submitted to the U.S. Securities and Exchange Commission (SEC) on December 8.
This significant move has caught the attention of industry experts, including James Seyffart, a research analyst at Bloomberg Intelligence. Seyffart emphasized the remarkable journey undertaken by VanEck, stating, “They’ve been trying to launch this thing for so many years that it’s amendment number 5 for them.”
The amendment outlines updates to the VanEck Bitcoin Trust, and upon approval, the ETF is slated to be listed under the ticker symbol HODL. Mathew Sigel, Head of Digital Assets Research at VanEck, weighed in on the competitive landscape, highlighting the potential market impact if major players like BlackRock enter the scene.
JUST IN: 🇺🇸 VanEck filed a FIFTH amendment to their spot #Bitcoin ETF application.
Now eyes on the SEC 👀 pic.twitter.com/MARefyuOo0
— Bitcoin Magazine (@BitcoinMagazine) December 8, 2023
Sigel expressed, “If BlackRock reaches the market, then some percentage of the wire houses and financial advisers will add their fund to platforms.” VanEck remains optimistic about SEC approval in January, projecting $2.4 billion in inflows in the first quarter. Additionally, the firm forecasts Bitcoin’s price to reach $100,000 by 2024, aligning with its bullish outlook amid growing market competition.
