Fifth Amendment of VanEck Bitcoin Spot ETF Proposal, Incorporating both Physical and Cash Components in the Creation Process
Asset management company VanEck has once again submitted an amended S-1 for a Bitcoin spot ETF, marking the fifth amendment. The creation/redemption process now includes both physical and cash options. The code for the ETF, revealed in this filing, is HODL. VanEck already has Bitcoin and Ethereum futures ETFs. Bloomberg ETF analyst James Seyffart believes that every company seems to leave this option in their S-1, but the 19b-4 approval may only allow for cash creation, at least initially. However, we are still waiting for potential 19b-4 updates to confirm this. VanEck, a 55-year-old asset management company based in New York, currently manages $76.4 billion in assets. Through forward-looking, intelligent design, it provides value-added investments for emerging industries and alternative asset classes, as well as differentiated approaches for traditional strategies. It also has a second SEC-approved Bitcoin futures ETF (code: XBTF) after BITO, with total assets of $71.72 million and a year-to-date return of 144%. In early October, the SEC approved nine Ethereum futures ETFs at once, but they did not have the same enthusiastic trading as the Bitcoin futures ETFs launched in 2021, with trading volume on the first day being less than $2 million. VanEck was one of the companies, and at the time, it humorously stated to the crypto community, “Low trading volume, just like your jpeg.” Its Ethereum strategy ETF (EFUT), which invests through futures, currently has total assets of $14.27 million and a year-to-date return of 30%.
