VanEck has recently made its fifth amendment to the S-1 Form with the U.S. Securities and Exchange Commission (SEC), showcasing its persistent efforts in the cryptocurrency sector. This amendment, filed on December 8, outlines updates to the VanEck Bitcoin Trust, a spot Bitcoin Exchange-Traded Fund (ETF). The ETF is expected to be listed under the ticker symbol HODL.
James Seyffart, a research analyst with Bloomberg Intelligence, has brought attention to this significant move by VanEck. Seyffart pointed out the remarkable fact that this submission marks the fifth amendment, highlighting the company’s years-long journey to launch this ETF.
“They’ve been trying to launch this thing for so many years that it’s amendment number 5 for them,” Seyffart remarked.
Mathew Sigel, Head of Digital Assets Research at VanEck, commented on the competitive landscape, noting the potential market impact if a major player like BlackRock enters the scene.
Sigel stated, “If BlackRock reaches the market then some percentage of the wire houses and financial advisers will add their fund to platforms.”
VanEck expects the SEC to approve a spot Bitcoin ETF in January and predicts $2.4 billion in inflows in the first quarter. They also project Bitcoin’s price to reach $100,000 by 2024, slightly below Galaxy Research’s $14 billion inflow prediction for the ETF’s first year.
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