Investment firm VanEck has filed a new application to launch a Bitcoin exchange-traded fund with the US Securities and Exchange Commission (SEC).
In the updated filing, VanEck details that its Bitcoin Trust seeks to operate as an exchange-traded fund (ETF). The asset shares will be traded on the Cboe BZX exchange. Bitcoin Trust will hold reserves in bitcoins instead of cash. The trust also intends to issue or redeem shares in blocks of 50,000 units.
The US SEC has rejected VanEck’s application to list VanEck Bitcoin Trust units and a spot Bitcoin ETF three times now.
A US court has asked the SEC to reconsider the application to launch a spot Bitcoin ETF filed by Grayscale. The court document confirms a decision made in August regarding Grayscale’s lawsuit against the regulator. Then the first instance decided to grant the company’s request to review the SEC’s decision and overturn the Commission’s decision banning the launch of Bitcoin ETFs.
Analysts at JPMorgan banking group believe that the SEC will conduct large-scale approval of applications for spot Bitcoin ETFs within the next two months.
Source: Cryptocurrency
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