After successfully launching an exchange-traded Bitcoin product in Europe, Vaneck has now submitted a new proposal for an exchange-traded Bitcoin fund (ETF) to the US Securities and Exchange Commission. Under former chairman Jay Clayton, the SEC never approved a Bitcoin ETF. Clayton has resigned, however, and changes may come from the new Biden administration.
First filing of the Bitcoin ETF after Clayton’s departure
New York-based investment management firm Vaneck filed a registration statement with the US Securities and Exchange Commission on Dec. 30 to list and trade the Vaneck Bitcoin Trust. According to the filing, the sale of the fund shares will begin “as soon as possible after the effective date of this registration statement”.
“The Vaneck Bitcoin Trust (the” Trust “) is an exchange traded fund that issues common stock of economic interest (the” Shares “) traded on the Cboe BZX Exchange Inc.,” the filing stated. “The trust’s investment objective is to reflect the performance of the Mvis Cryptocompare Bitcoin Benchmark Rate minus the cost of running the trust.”
The filing adds that in order to achieve its investment objective:
The trust will hold Bitcoin and rate its shares daily based on the reported Mvis Cryptocompare Bitcoin benchmark rate.
This price is calculated based on exchanges that MV Index Solutions GmbH (Mvis) believes are the top five Bitcoin exchanges based on the Cryptocompare Exchange Benchmark review report. Vaneck Digital Assets is the sponsor of the trust and the Delaware Trust Company is the trustee.
“Subject to liquidation or exceptional circumstances, the trust does not intend to buy or sell bitcoin directly, although the trustee can instruct the bitcoin custodian to sell bitcoin in order to pay certain costs,” it said. “Instead, when the trust sells or redeems its shares, it will do so in kind in blocks … at the net asset value of the trust.”
Gabor Gurbacs, Director of Digital Assets Strategy at Vaneck, tweeted:
Marketing a physical Bitcoin ETF in the US is a top priority for Vaneck. We are determined to support Bitcoin-focused innovations and continue to work with regulators and market participants to achieve this goal.
In November, Vaneck launched an exchange-traded Bitcoin note (ETN) in Europe. “The ETN is physically secured by Bitcoin and listed on the Deutsche Böerse Xetra,” explained Gurbacs.
The new filing of the Bitcoin ETF came a week after former SEC chairman Jay Clayton stepped down from office on December 23. Under his leadership, the SEC never approved a Bitcoin ETF. President Donald Trump has named Commissioner Elad L. Roisman as acting chairman of the SEC. Meanwhile, acting currency auditor Brian Brooks has warned that changes may come from the Biden administration. They may include some measures taken by the Office of the Currency Auditor (OCC).
Do you think the SEC will approve a Bitcoin ETF soon after Clayton is no longer chairman? Let us know in the comments below.
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Biden Administration, Bitcoin etf, Bitcoin etf Europe, Bitcoin etf us, Bitcoin ETN, Bitcoin ETP, BTC ETF, exchange-traded fund, Jay Clayton, new Sec Chairman, Sec approves Bitcoin etf
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