VanEck, one of the major asset managers, has modified its spot Bitcoin ETF application following a positive SEC (Securities and Exchange Commission) approval attitude. According to Boomberg’s James Seyffart, VanEck has joined several other issuers in evaluating their spot Bitcoin ETF proposal.
The application states the most recent update date of October 27, implying significant modifications in the application that could lead to approval after the company’s years of effort. According to the updated filing, a seed investor will purchase the Seed Creation Baskets, a block of 50,000 shares in VanEck’s ETF. This purchase will also be made in Bitcoin rather than cash.
The SEC rejected VanEck‘s prior and one of the early attempts to launch a spot ETF for Bitcoin in November 2021. Since then, a number of organizations have applied for a Spot BTC ETF, while the US regulatory body has gone to great lengths to prevent any of it from entering the market by presenting their hefty regulatory framework.
However, the SEC has lately reconsidered its stance on spot ETFs for cryptocurrency assets after the US Court of Appeals ordered it to evaluate Grayscal’s GBTC ETF proposal in August.
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