VanEck refiles with SEC for bitcoin ETF


Asset manager VanEck is taking another crack at approval for a bitcoin exchange-traded fund (ETF). If approved, it would be the first ETF to achieve approval from the U.S. Securities and Exchange Commission (SEC). 

VanEck has filed for a similar product twice before, resulting in withdrawals. After a series of rejections from the SEC last year, it withdrew its previous proposal in September of 2019. It's now filed a new S-1 with the regulator for another fund, called the VanEck Bitcoin Trust.

The ETF's shares would be traded on the Cboe BZX Exchange. They will be valued daily based on bitcoin prices on the top five bitcoin exchanges, which will be calculated by affiliate firm MV Index Solutions. The proposed maximum aggregate offering price, which is the number of securities multiplied by the price of each security, is $1,000,000.

A custodian was not named in the preliminary prospectus, which is incomplete and subject to change.

Related Reading

Get Your Crypto
Daily Brief

Delivered daily, straight to your inbox.

Why BTG Pactual is launching a crypto platform

Brazil-based BTG Pactual, Latin America’s biggest investment bank, is launching its own crypto asset platform that will initially support bitcoin and ether trading. The platform will be called Mynt and allow customers to purchase bitcoin and ether, BTG Pactual’s Head of Digital Assets André Portilho tells The Block. Eventually, the platform will support other digital […]
Read Full Story
Sep 24, 2021, 9:17PM UTC