Bitcoin ETF

Bitcoin

James

The asset manager submitted an amended S-1 Form with the SEC on deadline day, switching to cash-only subscriptions like most issuers seeking spot Bitcoin ETF approval.&nbsp;&nbsp;
VanEck’s <a href="https://www.sec.gov/Archives/edgar/data/1838028/000093041323002749/c106800_s1a.htm" target="_blank" rel="noopener noreferrer nofollow">update</a> did not name the authorized participants for its VanEck Bitcoin Trust, an exchange-traded fund aiming to invest in the largest cryptocurrency by market cap at its spot price.
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 https://twitter.com/BitcoinMagazine/status/1740788284253520368
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Several other issuers like <a href="https://crypto.news/blackrock-pivots-to-cash-based-redemptions-in-spot-bitcoin-etf-proposal/" rel="noopener noreferrer nofollow">BlackRock</a> have filed amended prospectus briefs to the cash-only edict stressed by the U.S. Securities and Exchange Commission (SEC). However, these updates have not disclosed APs who are effectively underwriters for these spot Bitcoin ETFs.&nbsp;
Underwriters guarantee payment and redemptions in the case of financial losses. These APs are typically banks, insurance companies, or investment houses. Should the SEC approve such products, spot Bitcoin ETF issuers like VanEck must disclose their APs before launch.
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 Before launch, every issuer will have to submit an effective prospectus. Essentially meaning they can go live. It’s in there that an AP/underwriter would theoretically have to be named along with fees and other details. <cite><a href="https://twitter.com/JSeyff/status/1740792379286905159" target="_blank" rel="noopener noreferrer nofollow">James Seyffart</a>, Bloomberg ETF analyst</cite>
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You might also like: <a href="https://crypto.news/sec-met-multiple-spot-bitcoin-etf-applicants-on-dec-21/" rel="noopener noreferrer nofollow"> SEC met multiple spot Bitcoin ETF applicants on Dec. 21 </a>
On Dec. 29, VanECK also released a promotional video on X for spot BTC ETF ahead of expected approval in early January. Hashdex, another asset manager biting for the same crypto fund, also posted marketing content and <a href="https://crypto.news/hashdex-submits-new-s-1-for-bitcoin-etf-attempting-cash-only-applications/" target="_blank" rel="noopener noreferrer nofollow">filed</a> a new S-1 as firms seemingly amp up readiness.
Issuers and custodians have also experienced leadership shifts to position themselves for what <a href="https://crypto.news/michael-saylor-spot-bitcoin-etfs-a-game-changer/" target="_blank" rel="noopener noreferrer nofollow">Michael Saylor</a>, MicroStrategy CEO, says would be the biggest development on Wall Street in over three decades.&nbsp;
Grayscale <a href="https://crypto.news/grayscale-poaches-invesco-exec-ahead-of-potential-bitcoin-etf/" target="_blank" rel="noopener noreferrer nofollow">poached </a>Invesco’s head of ETF business while Aaron Schnarch <a href="https://crypto.news/coinbase-appoints-new-head-of-custody-amid-bitcoin-etf-preparations/" rel="noopener noreferrer nofollow">replaced</a> Coinbase Custody CEO Rick Schonberg. Coinbase Custody is notably named as the custodial partner for several spot BTC ETFs, including BlackRock, Valkyrie, Invesco, and ARK 21Shares.
Read more: <a href="https://crypto.news/cathie-wood-hints-at-spot-bitcoin-etf-approval-date/" rel="noopener noreferrer nofollow"> Cathie Wood hints at spot Bitcoin ETF approval date </a>

VanEck files updated spot Bitcoin ETF application

crypto.news

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