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VanEck, the global asset management company has filed for a new Bitcoin Futures ETF under Act 40 with the SEC. The Bitcoin Strategy ETF would hold BTC Futures product under its custody, becoming the fourth firm to file for such a specific Bitcoin ETF since last week.
The rapid increase in the filing of Bitcoin Strategy ETFs comes on the heels of SEC chair Gary Gensler’s indication that a Bitcoin Futures ETF has a better chance of getting SEC approval than those who hold Bitcoin.
Last week, Invesco became the first platform to file for a Bitcoin Strategy ETF just hours after Gensler’s approval comment. Eric Balchunas, a Bloomberg ETF analyst had predicted that firms would rush to file for Bitcoin “Futures” ETF after Gensler’s indication.
Would Bitcoin Futures ETF Persuade SEC to Approve it?
There are nearly a dozen Bitcoin ETF proposals pending approval before the SEC, out of which the chief regulatory body has delayed its decision on four ETF filings including VanEck’s. The SEC chief Gensler during his recent interview indicated that the SEC has no fixed timeline for approving the first Bitcoin ETF. However, he hinted it would be passed with tough regulatory guidelines to ensure investor protection.
VanEck has been at the forefront of crypto ETF filing and has filed for both BTC ETF and ETH ETF with the SEC. The latest filing by the asset management firm indicates the company’s focus towards a Bitcoin-backed exchange-traded fund. It was also among the companies that filed for Bitcoin ETF as early as 2017 but faced rejection at the hands of former SEC chair Jay Clayton.
VanEck has already launched its first crypto ETF in Europe called VanEck Vectors Digital Assets Equity UCITS ETF. Europe and North American nations have already approved crypto ETFs, many of which have seen great success within weeks of launch. While the SEC continues to delay its decision on the approval of regulated Bitcoin products, many former and current regulators have called upon SEC to take the call on BTC ETF as it would ensure investor protection and bring more transparency in the market.
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