VanEck Renews Its Efforts To Launch New Bitcoin ETF

VanEck Renews Its Efforts To Launch New Bitcoin ETF

In a report gathered last Wednesday, the New York-based investment firm, VanEck has filed with the U.S SEC to win approval to launch its own native Bitcoin Trust. This is coming after the investment firm successfully launched a BTC exchange-traded product in Europe last year. This is not the first of such a move by the firm, as we can recall that in September 2019, VanEck also pushed for the Bitcoin ETF, which was expected to trade on Cboe Exchange.

The move was not approved by SEC former Chairman Jay Clayton. Clayton has resigned from his post, and VanEck will now be hoping that the new management of Commissioner Elad L. Roisman as the acting chairman will bolster its hopes.

SEC denies all attempts to launch a BTC ETF

In a surprise twist of fate, VanEck ETF, which is expected to trade on the Cboe BZX Exchange, has been dealt a huge blow as the SEC has officially denied any attempts to launch a BTC ETF. However, there is still an iota of hope in their pursuit, as VanEck hopes that the widespread adoption of Bitcoin in 2020, coupled with the new administration Joe Biden, will likely positively impact their pursuit.

With the U.S Acting Comptroller of Currency, Brian Brooks warning that changes may be coming from the Biden administration, all hope is not yet lost. VanEck’s Director of Digital Assets Strategy, Gabor Gurbacs, speaking to the press earlier, claims that the marketing of a physical BTC ETF in the U.S remains a top priority for the firm. He further stressed that VanEck would continue to support BTC focused innovation and ideas.

VanEck launched an ETN last year

Last year, VanEck made a remarkable achievement in the crypto market after launching the ETN on Deutsche Boerse in Germany. VanEck had partnered with Bank Frick, a crypto custodian regulated in Liechtenstein, where the bitcoin backing the ETN is held in cold storage. The Bitcoin ETN has since then been made available to trade on the German Xetra and currently is the third to be traded after ETC Group’s and that of 21shares.

Bitcoin continue to witness more innovation

The leading cryptocurrency that had already started the year in astronomical ATH figures continues to gain mainstream adoption and witness many more innovations worldwide. Micheal Saylor’s Microstrategy continues to commit to BTC, amidst a proposed cumulative $1 billion commitment.

The same can be said of the insurance giant, MassMutual, and Jack Dorsey’s Square, who have also furthered their commitment to cryptocurrency. Analysts believe that this trend will continue, with Popular crypto analyst, Raoul Pal believing that the tidal wave of institutional investors lurking for the launch of a Bitcoin trust positions it as a significant move.

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