Benzinga - Joining a growing list of asset managers, VanEck has amended its application for a spot Bitcoin (CRYPTO: BTC) ETF with the Securities and Exchange Commission (SEC).
What Happened: On October 27, VanEck submitted an updated application for a spot Bitcoin exchange-traded fund (ETF) to the SEC, as found in the regulator's database. The revised filing highlighted that a seed capital investor acquired the Seed Creation Baskets, a block of 50,000 shares of the proposed ETF, in October, with Bitcoin prices decided by the MarketVector Bitcoin Benchmark Rate.
See Also: Bitcoin Just Hit $31,000: What’s Going On?
The spot Bitcoin ETF directly invests in Bitcoin, which is different from existing ETFs that invest in Bitcoin futures. The spot version of the product is expected to draw significant investments from investors seeking Bitcoin exposure via traditional asset managers.
The application by VanEck adds to the surging number of asset managers amending their applications for a spot Bitcoin ETF.
In September, Bitwise Asset Management too submitted an updated application, addressing the SEC's concerns. Earlier this month, ARK Invest and 21Shares also revised their joint application.
These updated filings could indicate ongoing discussions between asset managers and regulators. Bloomberg ETF analyst Eric Balchunas recently pointed out that changes in ETF proposals might represent SEC requests for issuers to address concerns.
The SEC has delayed its decision on several proposals for spot Bitcoin ETFs in the country, but market participants and analysts expect a decision in the coming weeks.
Price Action: At the time of writing, Bitcoin was trading at $34,333.39 up 1.61% in the last 24 hours, according to Benzinga Pro.
Photo by 24K-Production on Shutterstock
Read Next: Whale Moves Billions of Shiba Inu Tokens: What’s Next
This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.