Asset manager VanEck filed a revised application with the U.S. Securities and Exchange Commission (SEC) for spot Bitcoin exchange-traded funds (ETFs)。The document, filed on October 27, highlights a unique approach of using 50,000 shares of the proposed ETF as a seed fund.。

Asset management company revises ETF application

Unlike other spot Bitcoin ETF proposals that rely on cash for seeding, VanEck's approach is to have a basket created by seed capital investors buying seeds in October, and the Bitcoin price is determined by the MarketVector Bitcoin benchmark rate, which is the reference price for the cryptocurrency.。

The significance of this revised document lies in the use of Bitcoin as seed money, which is different from the common practice of using cash as seed money in other。Since spot Bitcoin ETFs will invest directly in cryptocurrencies, rather than Bitcoin futures, this practice is expected to attract the attention of investors who want direct access to Bitcoin through traditional asset managers.。

VanEck's move to file a revised application follows industry trends, and several other asset managers are also revising applications for spot Bitcoin ETFs.。In September, Bitwise Asset Management amended its application in response to SEC objections.。

In addition, ARK Invest and 21Shares provided additional information in their joint application on asset custody and valuation-related aspects of their proposed spot Bitcoin ETF.。A large number of revised documents indicate that negotiations are under way between asset managers and regulators.。Analysts see it as a positive sign that progress has been made in addressing the SEC's concerns and moving forward with the approval process.。

The SEC has been considering proposals for several spot Bitcoin ETFs, including those from BlackRock, Invesco, Bitwise, VanEck and Valkyrie.。Market participants and experts expect a decision to be made in the coming weeks, a development that the cryptocurrency and investment community have been waiting for.。

SEC delay affects asset managers

According to reports, VanEck has launched the VanEck Ethereum Strategy ETF (EFUT), which aims to provide investors with future investment opportunities in Ethereum (ETH) through ETH futures contracts.。Unlike traditional cryptocurrencies, EFUT focuses on ETH futures and aims to offer tax benefits to long-term investors.。

The company invests in cash-settled ETH futures traded on commodity exchanges registered with the Commodity Futures Trading Commission (CFTC), initially focusing on ETH futures traded on the Chicago Mercantile Exchange.。The ETF is actively managed by Greg Krenzer, providing futures-based exposure to digital assets in conjunction with VanEck's Bitcoin Strategy ETF。The SEC's delay in making a decision on Bitcoin ETF spot has had an impact on companies such as VanEck。