After successfully launching a bitcoin exchange-traded product in Europe, Vaneck has now filed a new proposal for a bitcoin exchange-traded fund (ETF) with the US Securities and Exchange Commission (SEC). Under former chairman Jay Clayton, the SEC has never approved a bitcoin ETF. However, Clayton has resigned and changes could come from the incoming Biden administration.
First Bitcoin ETF filing after Clayton’s departure
Based in New York, Vaneck filed a registration statement with the United States Securities and Exchange Commission (SEC) on December 30 to list and trade the Vaneck Bitcoin Trust. According to the filing, the sale of the fund’s shares will begin “as soon as practicable after the effective date of this registration statement.”
“The Vaneck Bitcoin Trust (the ‘Trust’) is an exchange-traded fund that issues common stocks of economic importance (the ‘Shares’) traded on the Cboe BZX Exchange Inc.’, the filing describes. of the Trust is to reflect the performance of the Mvis Cryptocompare Bitcoin Benchmark Rate, less the cost of the Trust’s activities. “
The application adds that in order to achieve its investment objective:
The Trust holds bitcoin and values its shares daily based on the reported Mvis Cryptocompare Bitcoin Benchmark Rate.
This rate is calculated based on exchanges that the MV Index Solutions GmbH (Mvis) believes represent the top five bitcoin exchanges based on the Cryptocompare Exchange Benchmark rating report. Vaneck Digital Assets is the Trust’s sponsor and Delaware Trust Company is the trustee.
Barring a liquidation or extraordinary circumstances, the trust does not intend to buy or sell bitcoin directly, although the trustee may order the Bitcoin custodian to sell bitcoin to pay for certain expenses, ”the filing continues. “Instead, when the Trust sells or redeems its Shares, it will do so in ‘in-kind’ transactions in blocks … at the Trust’s net asset value.”
Vaneck Director of Digital Assets Strategy Gabor Gurbacs tweeted:
Marketing a physical bitcoin ETF in the US is a top priority for Vaneck. We are committed to supporting bitcoin-focused innovation and continue to work with regulators and market participants to achieve that goal.
In November, Vaneck launched a bitcoin exchange-traded note (ETN) in Europe. “The ETN is physically backed by bitcoin and is listed on Deutsche Böerse Xetra,” Gurbacs explains.
The new bitcoin ETF filing came a week after former SEC chairman Jay Clayton stepped down on December 23. Under his leadership, the SEC never approved a bitcoin ETF. President Donald Trump has appointed Commissioner Elad L. Roisman as acting chairman of the SEC. Meanwhile, Brian Brooks has become the currency’s acting controller warned that changes may come from the Biden administration. They may include some measures put in place by the Office of the Comptroller of the Currency (OCC).
Do you think the SEC will soon be approving a bitcoin ETF now that Clayton is no longer the chairman? Let us know in the comments below.
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