After successfully launching a bitcoin traded product in Europe, Vaneck has now submitted a new proposal for a bitcoin traded fund (ETF) with the U.S. Securities and Exchange Commission (SEC). Under former President Jay Clayton, the SEC never approved a bitcoin ETF. However, Clayton resigned and changes may be coming from the next Biden government.
First Bitcoin ETF filing after Clayton’s departure
New York-based investment management firm Vaneck filed a registration statement with the United States Securities and Exchange Commission (SEC) on December 30 to list and trade the Vaneck Bitcoin Trust. According to the filing, the sale of the fund’s shares will begin “As soon as possible after the effective date of this registration statement”.
“The Vaneck Bitcoin Trust (the ‘Trust’) is a publicly traded fund that issues common shares of beneficial interest (the ‘Shares’) that are traded on Cboe BZX Exchange Inc.”, describes the document. “The investment objective of the Trust is to reflect the performance of the Mvis Cryptocompare Bitcoin Benchmark Rate minus the expenses of the Trust’s operations.”
The registry adds that, to achieve its investment objective:
The Trust will maintain bitcoin and evaluate its shares daily based on the Mvis Cryptocompare bitcoin reference rate.
This fee is calculated based on the exchanges that MV Index Solutions GmbH (Mvis) believes represent the top five bitcoin exchanges based on the Cryptocompare Exchange Benchmark review report. Vaneck Digital Assets is the sponsor of the Trust and the Delaware Trust Company is the fiduciary.
“Except for liquidation or extraordinary circumstances, the Trust does not intend to buy or sell bitcoin directly, although the Trustee may direct Custodian Bitcoin to sell bitcoin to pay certain expenses,” the process continues. “Instead, when the Trust sells or redeems its Shares, it will do so in ‘cash’ block transactions … at the value of the Trust’s net assets.”
Vaneck Digital Asset Strategy Director Gabor Gurbacs tweeted:
Bringing a physical bitcoin ETF to market in the United States is one of Vaneck’s top priorities. We are committed to supporting bitcoin-focused innovation and continuing to work with regulators and market participants to achieve this goal.
In November, Vaneck launched a bitcoin exchange-traded note (ETN) in Europe. “ETN is physically supported by bitcoin and listed on the Deutsche Böerse Xetra,” explained Gurbacs.
The new bitcoin ETF order came a week after former SEC Chairman Jay Clayton resigned on December 23. Under his leadership, the SEC never approved an ETF bitcoin. President Donald Trump has appointed Commissioner Elad L. Roisman as acting SEC president. Meanwhile, incumbent Currency Controller Brian Brooks warned that changes may be coming from the Biden government. They may include some measures put in place by the Currency Controlling Office (OCC).
Do you think the SEC will soon approve a bitcoin ETF, now that Clayton is no longer the president? Let us know in the comments section below.
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