VanEck files bitcoin ETF with SEC

VanEck files bitcoin ETF with SEC

A bitcoin lies on a stone background. In front of it are the letters E,T,F, as a figurative illustration for a Bitcoin ETF.

US asset manager VanEck has applied to the SEC for approval of a bitcoin ETF. This is according to a form published by the US Securities and Exchange Commission on 30 December 2020.

VanEck is once again seeking approval for a bitcoin ETF. With this, the investment firm joins a long list of aspirants who also wanted to launch a comparable product. So far, however, the SEC has rejected every Bitcoin Investor proposal for a bitcoin ETF. Most recently, VanEck also suffered a setback in September 2019, when the CBOE withdrew another application to the SEC for a bitcoin ETF.

VanEck to launch bitcoin ETN on German exchange Xetra

While investment management in the US is making a new push at the SEC, VanEck already enjoyed the launch of a bitcoin ETN on the German Xetra exchange last November. With the investment product VanEck Vectors Bitcoin ETN, the asset manager made it possible for institutional investors and also private investors in Germany to participate in the price development of BTC without having to buy it directly.

VanEck sees massive potential in Bitcoin and is already comparing the cryptocurrency to gold. In an in-depth interview with Dominik Poiger, the VanEck portfolio manager puts these rates in perspective.

The craving for a Bitcoin ETF

Bitcoin ETPs are slowly establishing themselves in the traditional financial world. Examples like VanEck or 21Shares are piling up. Meanwhile, the demand for a first serious bitcoin ETF is growing. The legal classification of an ETF as a special asset makes this asset class particularly investor-friendly. This is because unlike an ETC or ETN, for example, no issuer risk exists with an ETF.

Although there is a great demand for Bitcoin ETFs, the major financial regulators, such as the SEC, are still shying away from approving such crypto assets. Lack of regulation on the respective exchanges is usually used as the main argument here. So far, only the financial authorities in the Bahamas have approved a bitcoin ETF. Now VanEck is making another attempt at the SEC. Further developments remain to be seen.