One of the first firms in the world to ever file for a Bitcoin (BTC) exchange-traded fund (ETF), VanEck, is not giving up on its plans to introduce a spot Bitcoin ETF in the United States. It believes nothing should prevent the SEC from approving a pure Bitcoin ETF after the regulator greenlighted Bitcoin futures ETFs in 2021.
Filed on June 24, VanEck’s newest Bitcoin ETF application comes months after the SEC denies its previous spot Bitcoin ETF request on Nov. 12, 2021. The securities regulator based its decision on the ETF on its suspected inability to meet standards to protect investors and the public interest as well as to “prevent fraudulent and manipulative acts and practices.”
In the latest filing, VanEck gave an extensive number of motives for the SEC to approve a Bitcoin ETF this time.
The ETF company claimed that the lack of a U.S.-listed spot Bitcoin exchange-traded products (ETP) does not stop U.S. funds from gaining exposure to Bitcoin. That is because many U.S. ETPs use Canadian BTC ETPs to gain exposure to spot BTC, VanEck reasoned, stating:
“Approving this proposal — and others like it — would provide U.S. ETFs and mutual funds with U.S.-listed and regulated products to provide such access rather than relying on either flawed products or products listed and primarily regulated in other countries.”
As reported by Cointelegraph earlier, Canada was one of the first countries in the world to entrance a spot Bitcoin ETF with the launch of the Purpose Bitcoin ETF in February 2021.
VanEck went on to say that approving a spot Bitcoin ETF would be a rational step for the SEC after the authority decided to permit Bitcoin futures-based ETFs. As reported, VanEck’s BTC futures ETF started trading on the Chicago Board Options Exchange on Nov. 16, 2021.
“After issuing the Bitcoin futures approvals which conclude the CME Bitcoin futures market is a regulated market […] the only consistent outcome would be approving spot Bitcoin ETPs on the basis that the Bitcoin futures market is also a regulated market of significant size as it relates to the Bitcoin spot market,” the new filing orates.
The deadline for VanEck’s latest spot Bitcoin ETF is March 3, 2023 according to Bloomberg ETF analyst Henry Jim,
VanEck is acknowledged as one of the first U.S. firms to ever file for a Bitcoin futures ETF. The company initially filed for a physically-backed Bitcoin ETF in June 2018 but the SEC recurrently postponed its decision over the proposal to ultimately reject it three years later.
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