State Street named fund administrator for VanEck's proposed bitcoin ETF

Asset manager VanEck's proposed bitcoin ETF is still before the U.S. Securities and Exchange Commission. On Tuesday, State Street announced that it had been appointed to a crucial role should the ETF move forward.

State Street would serve as fund administrator and transfer agent, according to a press statement. In this role, State Street will essentially provide the necessary back-office operations for the fund as well as investors. 

“We are pleased to continue expanding our relationship with VanEck to support their innovative advancements in the ETF market; including the VanEck Bitcoin Trust,” Nadine Chakar, head of State Street Global Markets, said in a statement.

VanEck submitted its most recent bitcoin ETF filing in December, a move that came after a previous withdrawal in 2019. Amidst growing chatter that the SEC might move to approval a bitcoin ETF -- buoyed by successful launches in Canada -- market operator Cboe submitted paperwork on Monday that formally started the approval process before the SEC. 

"Our filing builds on VanEck’s earlier S-1 filing from December 30 and represents the next steps in bringing what could be the first U.S. bitcoin ETF to market," a spokeswoman for Cboe told The Block.