Asset manager VanEck has joined the list of applicants who have made revisions to their Spot Bitcoin ETF prospectus, according to a report. Speculation is mounting that these revisions could signal that approval of these funds by the US Securities and Exchange Commission (SEC) is imminent.
Prominent finance lawyer Scott Johnsson noted that VanEck’s revised prospectus includes language similar to BlackRock’s in terms of seeding. However, he pointed out a key difference: while VanEck plans to seed with Bitcoin, BlackRock stated that it would use cash.
Johnsson cautioned against reading too much into this difference, suggesting it could be either an affirmative addition or simply “lazy lawyering.”
VanEck follows BlackRock, ArkInvest, and Fidelity in filing revised versions of their Spot Bitcoin ETF applications.
Bloomberg Analyst Eric Balchunas highlighted the importance of a Spot Bitcoin ETF, citing the convenience it offers investors who may not want to purchase Bitcoin directly. In addition, commentators noted that ETFs provide safety and trust for investors, as asset managers must adhere to regulations and assets are insured.
Moreover, ETFs could be instrumental in mainstream adoption of Bitcoin. Galaxy Digital highlighted in a research paper that these funds could have a particularly impactful effect on the market adoption of the cryptocurrency, providing greater accessibility for retail and institutional investors.
Overall, the revisions made by VanEck and other asset managers to their ETF prospectuses suggest that the launch of a Spot Bitcoin ETF may be on the horizon, pending approval from the SEC.
❗Follow us on Twitter to get all the latest crypto news as soon as they're out! 🚀
About the author - J-S Tremblay
I've been involved in the cryptocurrency world since 2016 and trading since 2019. I started Moon and Lambo in 2021. I'm passionate about crypto and love to share my knowledge. I hate bankers and I hope that cryptocurrency will change the financial world for the better. View full profile...
View J-S Tremblay website
