Bitcoin ETF

Galaxy

Bitcoin

Spot

In a recent development, <a href="https://bitcoinist.com/vaneck-announces-to-launch-ethereum-futures-etf/">asset manager VanEck</a> joins the list of applicants who have <a href="https://www.newsbtc.com/news/bitcoin/bloomberg-spot-bitcoin-etf/#:~:text=Bloomberg%20Analyst%20Predicts%20Likelihood%20Of%20A%20Spot%20Bitcoin%20ETF%20By%20January%202024,-by%20Scott%20Matherson&amp;text=Following%20notable%20changes%20to%20the,as%20early%20as%20next%20year" rel="nofollow noopener" target="_blank">made revisions</a> to their <a href="https://www.newsbtc.com/bitcoin-news/sec-prove-bitcoin-is-not-manipulated/" rel="nofollow noopener" target="_blank">Spot Bitcoin ETF prospectus</a>. Many continue to <a href="https://bitcoinist.com/blackrock-seed-spot-bitcoin-etf/#:~:text=As%20to%20what%20seeding%20means,open%20market%20on%20Day%20One.%E2%80%9D">speculate</a> that these revisions could mean that approval of these funds by the US <a href="https://www.newsbtc.com/crypto/sec-announcement-crypto/#:~:text=What%20The%20SEC's%20Latest%20Announcement%20Means%20For%20The%20Crypto%20Industry,-by%20Scott%20Matherson&amp;text=A%20recent%20announcement%20by%20the,actions%20have%20had%20on%20it." rel="nofollow noopener" target="_blank">Securities and Exchange Commission</a> (SEC) is imminent as it forms part of the process before an ETF launches.&nbsp; 
<h2 id="notables-from-vaneck-s-revised-prospectus">Notables From VanEck’s Revised Prospectus&nbsp;</h2> 
In a <a href="https://x.com/SGJohnsson/status/1718693171691913659?s=20" rel="nofollow" target="_blank">post</a> on his X (formerly Twitter) platform, prominent finance lawyer Scott Johnsson mentioned how the asset manager’s <a href="https://www.sec.gov/Archives/edgar/data/1838028/000093041323002392/c106800_s1a.htm" rel="nofollow noopener" target="_blank">revised prospectus</a> shared a similar language to BlackRock’s as it relates to seeding. However, he said it isn’t too surprising since the same lawyers at the international law firm <a href="https://www.newsbtc.com/news/how-smaller-states-are-going-big-on-cryptocurrency/" rel="nofollow noopener" target="_blank">Clifford Chance</a> represent both asset managers.&nbsp; 
Despite the similar language, there was a particular difference he highlighted between <a href="https://www.newsbtc.com/news/solana/solana-price-could-reach-3211-by-2030-vaneck-forecasts/" rel="nofollow noopener" target="_blank">VanEck’s</a> latest filing and BlackRock’s. While revealing plans to seed, VanEck suggested that it would be done with Bitcoin, <a href="https://bitcoinist.com/blackrock-seed-spot-bitcoin-etf/#:~:text=As%20to%20what%20seeding%20means,open%20market%20on%20Day%20One.%E2%80%9D">unlike BlackRock</a>, which had stated in theirs that their seeding would be done with cash.&nbsp; 
Despite the choice of words, Johnsson was cautious about reading too much meaning into it. While he acknowledged that it was definitely an affirmative addition, he noted that it could either suggest actual intent or just rather be “lazy lawyering.” 
VanEck joins the likes of <a href="https://bitcoinist.com/blackrock-seed-spot-bitcoin-etf/#:~:text=As%20to%20what%20seeding%20means,open%20market%20on%20Day%20One.%E2%80%9D">BlackRock</a>, <a href="https://www.newsbtc.com/bitcoin-news/21shares-spot-bitcoin-etf/#:~:text=The%20US%20Securities%20and%20Exchange,Spot%20Bitcoin%20ETF%20this%20year." rel="nofollow noopener" target="_blank">ArkInvest</a>, and <a href="https://bitcoinist.com/fidelity-prepares-spot-bitcoin-etf-filing/">Fidelity</a>, who had previously filed their revised version of their Spot Bitcoin ETF application. 
<h2 id="is-a-spot-bitcoin-etf-really-important">Is A Spot Bitcoin ETF Really Important?</h2> 
Bloomberg Analyst Eric Balchunas recently gave his <a href="https://x.com/EricBalchunas/status/1717543959184978421?s=20" rel="nofollow" target="_blank">opinion</a> on why he believes that a <a href="https://www.newsbtc.com/bitcoin-news/sec-prove-bitcoin-is-not-manipulated/" rel="nofollow noopener" target="_blank">Spot Bitcoin ETF</a> is important, considering that many could just purchase Bitcoin directly. He opined that these ETFs are important because of the convenience that they provide investors.&nbsp; 
Others in the comments also weighed in on how ETFs also provide safety and trust as these <a href="https://bitcoinist.com/crypto-nearly-half-of-institutions-embrace-digital-assets/">asset managers</a> usually have to abide by certain regulations (especially from the SEC), and investors can, therefore, be rest assured that their assets are safe and even insured, unlike <a href="https://www.newsbtc.com/news/major-reveals-from-the-ftx-bankruptcy-filing-whats-the-takeaway/" rel="nofollow noopener" target="_blank">centralized exchanges</a> that could pack up at any time with there being any recourse for customers.&nbsp; 
Meanwhile, one can also argue that these ETFs are also important to the mainstream adoption of Bitcoin as an asset. In a recent research paper, <a href="https://bitcoinist.com/bitcoin-spot-etf-three-years/#:~:text=The%20firm's%20estimates%20of%20inflows,the%20third%20year%20after%20launch.">Galaxy Digital</a> captured why these funds could be “particularly impactful” for the market adoption of bitcoin.&nbsp; 
One of the reasons mentioned was that a Spot Bitcoin ETF provides greater accessibility, especially for retail and institutions. There is also no doubt that these asset managers have a wider reach, especially when it comes to those who are ready to place big bets on Bitcoin.&nbsp; 
As the research firm succinctly put it, having a familiar and trusted brand like BlackRock offer a Bitcoin ETF would help attract a “larger portion of the older, wealthier population that have not yet been onboarded.” 
<img decoding="async" loading="lazy" class="aligncenter size-medium" src="https://www.tradingview.com/x/q9jPT8nl/" alt="Bitcoin price chart from Tradingview.com" width="2650" height="1758">

VanEck Goes Back To The Drawing Board: Unveils Revised Spot Bitcoin ETF Filing

Table of Contents

Bitcoinist

Other articles published on Oct 30, 2023

White House issues executive order on AI risk management

CME inches closer to overtaking Binance as leading Bitcoin futures exchange

Bitcoin blasts through key resistance not seen since 2018

The Eastern Battle for the Location of Multinational Crypto Enterprises (Part One): A Comparative...

Kasikorn Bank Acquires Satang Crypto Exchange for $103M, Marks Major Leap into Thailand’s Crypto ...

Four Major Countries Decided to Collaborate on Asset Tokenization!

Join our free newsletter for daily crypto updates!