Coinspeaker
VanEck Updates Its Spot Bitcoin ETF Application
Asset manager VanEck amended its application for a spot Bitcoin exchange-traded fund (ETF) with the Securities and Exchange Commission (SEC) last week. According to the watchdog’s database, the amended filing was submitted on Friday, October 27.
The updated filing shows that a seed capital investor purchased Seed Creation Baskets – a block of 50,000 shares of the proposed ETF – in October with the MarketVector Bitcoin Benchmark Rate being used a reference for Bitcoin prices. Finance lawyer Scott Johnsson notes that this suggests that unlike with other spot Bitcoin ETF proposals seeded with cash, VanEck’s fund will likely use Bitcoin.
Similar language to the Blackrock amendment re: seeding. Perhaps not too surprising given both issuers are represented by the same lawyers at Clifford Chance. Except here, instead of seeding with cash like iShares, Vaneck suggests they’ll seed with bitcoin. https://t.co/8Y0JjWfwdS pic.twit
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