Asset management company VanEck has once again submitted an S-1 amendment for its Bitcoin spot ETF, marking the fifth amendment. The creation/redemption process now includes both physical and cash options. The code for this ETF has also been revealed as HODL.
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Creation/redemption process includes both physical and cash options
VanEck already has Bitcoin and Ethereum futures ETFs
The creation/redemption process now includes both physical and cash options. Bloomberg ETF analyst James Seyffart believes that it seems every company will leave this option in their S-1, but 19b-4 approval may only allow cash creation—at least initially. However, we are still waiting for potential 19b-4 updates to confirm this.
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ETF Infographic | SEC’s Preferred ETF Cash Mode, How Does It Differ from the Physical Bitcoin ETF by BlackRock?
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Fidelity Bitcoin Spot ETF Process Diagram: A Deep Dive into the SEC’s Focus on Physical Operation Models
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VanEck, a 55-year-old asset management company headquartered in New York, currently manages assets worth $76.4 billion. It provides value-added investments for emerging industries and alternative asset classes through forward-thinking, intelligent design, and offers differentiated approaches to traditional strategies.
It also has the second Bitcoin futures ETF (code: XBTF) approved by the SEC after BITO. The current assets under management are $71.72 million, with a year-to-date return of 144%.
The SEC approved nine Ethereum futures ETFs in early October, but after their launch, they did not generate the same enthusiastic trading volume as the Bitcoin futures ETFs in 2021. The first-day trading volume was less than $2 million.
VanEck was one of them, and at the time, the company humorously stated to the crypto community, “Low trading volume, just like your jpeg.”
Its Ethereum strategy ETF (EFUT), which invests in futures, currently has assets under management of $14.27 million, with a year-to-date return of 30%.
VanEck
Bitcoin spot ETF
Further reading
Updates on Bitcoin Spot ETF: SEC Holds Intensive Meetings with BlackRock and Others, Remains Optimistic about Approval Deadline of January 10
Fidelity Bitcoin Spot ETF Process Diagram: A Deep Dive into the SEC’s Focus on Physical Operation Models