Asset manager VanEck has submitted a fifth amended application for a spot Bitcoin exchange-traded fund (ETF) on December 8.
Asset manager VanEck has submitted a fifth amended application for a spot Bitcoin exchange-traded fund (ETF) on December 8, according to an updated filing to the S-1 Form with the United States Securities and Exchange Commission (SEC). The VanEck ETF is now expected to be listed under the ticker symbol "HODL," which is derived from the term "hold" or the acronym "hold on for dear life." Bitcoin enthusiasts commonly use this phrase to describe their strategy of buying and holding onto the digital asset without selling it.
The choice of the "HODL" ticker symbol has garnered attention from analysts, with Nate Geraci, president of advisory firm The ETF Store, suggesting that those familiar with cryptocurrencies would appreciate it, while it may be less understood by "boomers." Geraci believes the ticker symbol will help avoid negative attention on adviser statements, as many advisers already advocate holding in different asset classes.
Eric Balchunas, a senior ETF analyst at Bloomberg Intelligence, noted that VanEck's ticker symbol choice differs from the "more boring Boomer-y choices" made by other companies like BlackRock and Fidelity. He sees it as a unique and unconventional approach. VanEck themselves tweeted:
Several companies, including BlackRock, Fidelity, VanEck, Valkyrie, and Franklin Templeton, are vying for SEC approval of a spot Bitcoin ETF. While the SEC has not yet indicated its support for these filings, it has engaged in discussions with representatives from the applicant firms to address technical details in their fund proposals. VanEck anticipates SEC approval for the spot Bitcoin ETF in January and projects inflows of $2.4 billion in the first quarter.
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