Benzinga - Investment manager VanEck has submitted an amendment to its spot Bitcoin (CRYPTO: BTC) ETF filing with the Securities and Exchange Commission (SEC), named the VanEck Bitcoin Trust. The filing states that, if approved, the ETF will trade under the ticker symbol "HODL."
HOLD is a term popular in the crypto community for holding onto digital assets through market fluctuations.
The Trust will issue shares in creation baskets, each containing 50,000 shares, aligned with the Bitcoin amount each basket represents.
The custody of the Trust's Bitcoin will be managed by Gemini Trust Company, LLC.
This structure is designed to offer investors a straightforward way to gain Bitcoin exposure through traditional brokerage accounts, bypassing the complexities and risks of direct Bitcoin ownership and trading.
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Several companies, such as BlackRock Inc. (NYSE: BLK), Fidelity, VanEck, Franklin Templeton, and Valkyrie, are competing to launch a spot Bitcoin ETF.
Although the SEC has not approved any such ETFs so far, it has recently held meetings with delegates from various firms to reportedly deliberate on the technical details of their fund proposals.
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