Global asset manager VanEck has submitted an amended application for a Bitcoin (BTC) spot exchange-traded fund (ETF) with the SEC.
According to the United States Securities and Exchange Commission (SEC) database, global asset manager VanEck has filed an application amended request for a spot Bitcoin ETF.
VanEck Announces Seed Investor
VanEck joins a growing list of asset managers who have recently filed amended applications for spot Bitcoin ETFs with the SEC.
The global asset manager revealed that an anonymous seed investor acquired Seed Creation Baskets for the VanEck Bitcoin Trust in October. The Seed Creation Basket is a block of 50,000 shares of the ETF offered by VanEck and, according to financial attorney Scott Johnson, were purchased using Bitcoin.
Similar language to the Blackrock Amendment regarding seeding. This is perhaps not very surprising given that both issuers are represented by the same lawyers at Clifford Chance. Except here, instead of seeding with cash like iShares, Vaneck suggests they’ll go into Bitcoin. https://t.co/8Y0JjWfwdS pic.twitter.com/r8ZgYSmCsj
–Scott Johnsson (@SGJohnsson) October 29, 2023
VanEck’s amended filing stated that the MarketVector Bitcoin Benchmark Rate, an index used as a benchmark price for Bitcoin, determined the value of these holdings.
Johnson further note VanEck’s filing uses similar language to BlackRock’s recent amended application, which he said “is not too surprising given that both issuers are represented by the same layers at Clifford Chance.”
In October, BlackRock submitted a amended prospectus for its spot bitcoin ETF. In its amended filing, BlackRock noted changes to the ETF’s pricing details in its financial statements, which now provide specific information about how the pricing source is determined in the Trust’s periodic financial statements. BlackRock further included accounting specifications such as “level 1 entry under ASC Topic 820.”
Fierce competition in the race for the first spot Bitcoin ETF in the United States
BlackRock was the first asset manager to file a application for a spot bitcoin ETF and is joined by other asset managers such as Grayscale, loyalty And Ark Invest. Grayscale made serious headway in ETF race after courtroom victory ordered the SEC to review its spot Bitcoin ETF application.
Fidelity and Cathie Wood’s Ark Invest have all filed amendments to their respective ETF applications.
Bitcoin maintains its upward momentum
Bitcoin and the alternative market as a whole have responded positively to the ETF buzz. Bitcoin hold strong above the $34,000 price level, while altcoins like Ethereum (ETH), Ripple (XRP), And Solana (SOL) are poised for further price growth.
Disclaimer: This article is for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.