Chair

Bitcoin ETF

Galaxy

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<p>Investment powerhouse VanEck has once again <a href="https://twitter.com/JSeyff/status/1718426589904490555" rel="noopener noreferrer nofollow">submitted</a> an application for a spot Bitcoin exchange-traded fund (ETF) to the U.S. Securities and Exchange Commission (SEC). Its competitors, including BlackRock, recently made similar moves.</p>
<h2 id="quest-for-spot-etf">Quest for spot ETF</h2>
<p>A spot Bitcoin ETF is a desirable product because it provides investors with a way to gain exposure to Bitcoin without the complexities of directly purchasing, storing and managing the cryptocurrency, thus making it more accessible to a broader range of investors, both retail and institutional. In addition to this accessibility, spot Bitcoin ETFs are regulated financial products, meaning that they offer a higher level of security.</p>
<p>In June, the investment firm came up with <a href="https://cdn.cboe.com/resources/regulation/rule_filings/pending/2022/SR-CboeBZX-2022-035.pdf" rel="noopener noreferrer nofollow">a new application</a> to the securities watchdog for a spot Bitcoin ETF. This filing came just months after the agency shot down its prior request.</p>
<p>This move followed the regulator's recent denial of similar applications from Grayscale Investments and Bitwise.</p>
<p>Following its application rejection, Grayscale Investments initiated and won legal action against the SEC.</p>
<p>BlackRock, the world's leading asset manager, has also refined its own bid for such a product. This move is seemingly a tactical response to feedback and observations, mirroring strategies undertaken by financial titans like Ark and Fidelity.</p>
<h2 id="is-it-inevitable">Is it inevitable?</h2>
<p>The SEC has consistently voiced worries about potential market manipulation related to the fledgling cryptocurrency.</p>
<p>However, in recent interviews, former SEC Chair Jay Clayton <a href="https://u.today/spot-bitcoin-etf-is-inevitable-says-former-sec-boss" rel="noopener noreferrer nofollow">stated</a> that a Bitcoin ETF approval is "inevitable." Meanwhile, SEC Commissioner Hester Peirce, dubbed "Crypto Mom," also <a href="https://u.today/crypto-mom-weighs-in-on-bitcoin-etf-approval-hype" rel="noopener noreferrer nofollow">expressed</a> her support for it.</p>
<p>Galaxy Digital predicts that the much-coveted products could attract more than $14 billion in their first year, with this figure potentially rising to $39 billion by the third year.</p>

New Spot Bitcoin ETF Filing Submitted by VanEck

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