Many companies (including Gemini of the Winklevoss brothers) have tried to establish a Bitcoin ETF over the last couple of years. In 2019, VanEck made an attempt. In September of that year, the SEC rejected the request. Now, however, the topic returns, and for the first time there is a chance that the US authorities will respond positively to the request.
VanEck is trying to establish an ETF BTC again
ETF (Exchange Traded Fund) is an investment fund listed on the stock exchange, whose task is to reflect the behavior of a given stock index. As the portal adds WSE, “It is characterized by the possibility of permanent (daily) creation and redemption of units (certificates). ETFs are listed on the stock exchange on the same terms as shares. The liquidity is supported by the animators. The fund shares or ETF investment certificates are a security. “
The first attempts to establish a bitcoin ETF took place a few years ago. Previously, the SEC has always refused to set up this type of fund. Now it may be different.
VanEck filed its application with the SEC headquarters on Wednesday. From the company’s previous document it is known that the ETF would be the target of trading on the Cboe BZX exchange.
Will it be different now?
Why can the SEC now accept a BTC based ETF? It is worth noting that BTC has gained a lot. The market has been partially regulated and a lot of billionaires and institutional investors have invested in it.
Added to this is the personnel factor – the change of power in the US. SEC president Jay Clayton has stepped down from his position, which gives hope that his successor will be a more cryptocurrency-friendly official.
What would be the market consequences of ETF BTC? Certainly huge! The analyst and investor Raoul Pal claims that today there is a large group of institutional investors on the market who are waiting from the side for the launch of such a fund to be able to invest indirectly in BTC.
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