VanEck has filed a new application to launch a spot Bitcoin ETF

VanEck has filed a new application to launch a spot Bitcoin ETF

VanEck filed a new application to launch a spot bitcoin ETF

Asset manager VanEck has filed an application to launch an exchange-traded fund (ETF) based on the first cryptocurrency.

The firm's previous application was rejected by the SEC in November 2021.

At that time, the regulator pointed out the non-compliance with investor protection standards, as well as the requirements “to prevent fraudulent and manipulative actions.”

“Approval of the proposal will provide […] access [to bitcoin] and avoid reliance on either defective or regulated products in other countries”, the VanEck Bitcoin Trust said in a filing.

The company noted that a positive verdict would be logical after the resolution of the bitcoin futures ETF. A similar tool from VanEck received approval in October 2021. It became the third in a row after the products from ProShares and Valkyrie Investments, which received a listing in the US.

Recall, the SEC rejected an application to convert Grayscale Investments' GBTC trust into a bitcoin ETF.

Earlier Jacobi Asset Management has received a listing of an exchange-traded fund based on the first cryptocurrency on Euronext in Amsterdam. The Netherlands became the fourth country to approve the listing of a bitcoin ETF after Canada, Brazil and Australia.

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