VanEck submits revised application for Bitcoin ETF
On the final day of the deadline, the asset manager submitted a revised version of the S-1 Form to the SEC. In line with the majority of issuers seeking approval for a spot Bitcoin ETF, they have made the switch to cash-only subscriptions.
The update from VanEck did not disclose the authorized participants (APs) for their VanEck Bitcoin Trust, which is an exchange-traded fund designed to invest in the largest cryptocurrency by market cap at its spot price.
Similar to VanEck, other issuers such as BlackRock have also filed amended prospectus briefs to adhere to the cash-only requirement set by the SEC. However, these updates have not revealed the APs, who play a crucial role as underwriters for these spot Bitcoin ETFs.
Underwriters are responsible for guaranteeing payment and redemptions in the event of financial losses. Typically, APs are banks, insurance companies, or investment houses. If the SEC approves these products, spot Bitcoin ETF issuers like VanEck will need to disclose their APs prior to launch.
In addition to these developments, on December 29th, VanEck released a promotional video on X for their spot BTC ETF in anticipation of the expected approval in early January. Hashdex, another asset manager competing for the same crypto fund, also shared marketing content and submitted a new S-1, indicating a ramping up of preparations.
Leadership changes have also taken place among issuers and custodians as they position themselves for what Michael Saylor, CEO of MicroStrategy, believes will be the most significant development on Wall Street in over three decades. Grayscale has recruited Invesco’s head of ETF business, while Aaron Schnarch has replaced Rick Schonberg as the CEO of Coinbase Custody. Notably, Coinbase Custody has been named as the custodial partner for several spot BTC ETFs, including BlackRock, Valkyrie, Invesco, and ARK 21Shares.
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