VanEck, a major investment firm, has resubmitted an application to the US Securities and Exchange Commission (SEC) for a Bitcoin exchange-traded fund (ETF).
VanEck, the world’s largest asset manager, has re-applied to the US Securities and Exchange Commission (SEC) to launch a Bitcoin exchange-traded fund (ETF). Its competitors, notably BlackRock, have taken similar steps in recent times.
The investment business updated its application for a spot Bitcoin ETF with the securities regulator in June. This request comes only a few short months after the government agency retracted a similar one.
Investors may acquire exposure to Bitcoin without the hassle of buying, storing, and maintaining the cryptocurrency themselves by purchasing the Spot Bitcoin ETF.
Because of this, it may attract more individual and institutional investors. Spot Bitcoin ETFs are regulated financial instruments, so they provide an extra layer of safety on top of their convenience.
World-famous asset management BlackRock has also perfected its own version of this product. This shift is being seen as a tactical reaction to customer and market data, similar to the approaches used by financial powerhouses like Ark and Fidelity.
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