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VanEck has submitted a Bitcoin Strategy ETF that is likely to be finally approved

Eric Balchunas, senior ETF analyst for Bloomberg, tweeted that VanEck, the global asset management company, applied to launch a Bitcoin Strategy exchange-traded fund (ETF).

vaneck-has-submitted-a-bitcoin-strategy-etf-that-is-likely-to-be-finally-approved

Source: Eric Balchunas

VanEck files for Bitcoin Strategy ETF, SEC Chairman said it’s likely to be approved

“VanEck just filed for a “Bitcoin Strategy ETF,” which will hold bitcoin futures and other bitcoin funds(just like Invesco’s last week). This is the 4th Bitcoin futures filing under the 40 Act that Gensler signaled were more likely to be approved”, Balchunas tweeted.

Thus, based on Balchunas’ words, this submission has been submitted under the Investment Company Act of 1940, similar to the Invesco’s ETF that the company filed for with the SEC last week, as AZCoin News reported. This exchange-traded fund will contain Bitcoin futures and other Bitcoin funds, same as Invesco’s Bitcoin Strategy ETF.

Furthermore, according to Balchunas, this is the fourth Bitcoin ETF application submitted under the 1940 Act, as required by the Security and Exchange Commission (SEC). The SEC chair Gary Gensler reckons that this is the fourth ETF application likely to be finally approved.

Furthermore, VanEck applied to launch an Ethereum ETF – “VanEck Ethereum Trust” before. If approved, it will be traded on the Cboe BZX Exchange. This happened back in May this year.

However, the company had previously filed for Bitcoin ETFs multiple times, hoping to gain the SEC’s approval. The previous attempt took place in December 2020. Also, the company has released the first crypto ETF in Europe earlier this year. VanEck Vectors Digital Assets Equity UCITS ETF (DAPP) was listed on the London Stock Exchange and Deutsche Boerse.

It seems true that, as Balchunas said before, more and more companies are applying for ETFs, and the hope of approved submissions can help push the price of BTC higher.

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