The global investment manager VanEck seems quite determined to introduce a spot Bitcoin exchange-traded fund (ETF) in the United States. Despite its previous rejections, the company filed a new application with the SEC.
VanEck Tries Again
It has been evident that one of VanEck’s main goals is to list an ETF that tracks the performance of bitcoin. Over the past several months, the New York-based firm has sought the US SEC’s approval numerous times but to no avail so far.
Its most recent request was rejected in November 2021. Back then, the American watchdog argued that VanEck failed to complete previous hurdles, which were “designed to prevent fraudulent and manipulative acts and practices” and “to protect investors and the public interest.”
As expected, Gabor Gurbacs – VanEck’s Director of Digital Assets – was unhappy with the SEC’s decision, saying that the aforementioned suggestion is not a valid enough reason for the refusal. He also opined that a physical Bitcoin ETF “is arguably the most investor-friendly option today.”
The prior failures have not changed the investment management giant’s ambitions, and it recently filed another application for a spot BTC ETF with the regulator.
“The only consistent outcome would be approving spot Bitcoin ETPs on the basis that the Bitcoin futures market is also a regulated market of significant size as it relates to the Bitcoin spot market,” the company stated in its document.
The SEC has until March 3, 2023, to decide whether to approve this application. It is worth noting that earlier this week, the regulator dismissed another similar application – this time coming from Grayscale. The latter aimed to introduce a spot Bitcoin ETF on the NYSE Arca exchange, but the SEC said the proposal did not meet standards designed to prevent fraudulent and manipulative market practices.
Shortly after, Grayscale’s CEO – Michael Sonnenshein – claimed that the decision was against the Administrative Procedure Act and Securities Exchange Act, assuring that his company launched a lawsuit against the agency.
VanEck’s Interaction With Ethereum
Apart from a product that tracks the performance of bitcoin, VanEck has also displayed intentions to release an Ethereum ETF. If approved by the SEC, it will become the first of its kind available on the US market.
Two months ago, VanEck collaborated with the South Korean creative NFT agency – NUMOMO – to launch its new non-fungible token collection. The firm plans to release 1,000 digital collectibles, which will be powered by Ethereum. JP Lee – VanEck Community NFT Co-Founder – commented:
“Our NFTs will all feature eye-popping 3D avatars and narrative-style videos that will help create a real sense of story and spur discussion, debate, and community. Our character ‘Hammy’ is going to be an outstanding guide for anyone interested in seeing the past, present, and future of finance unfold.”
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