- The “HODL” ticker symbol will designate the VanEck spot Bitcoin ETF on the exchange.
- In Q1 2024, the firm expects Bitcoin ETFs to raise $2.4 billion.
An updated spot Bitcoin ETF application was filed to the United States SEC on Friday by VanEck, a mutual fund and ETF management firm. The “HODL” ticker symbol will designate the VanEck spot Bitcoin ETF on the exchange. According to an S-1 filing with the United States SEC on December 8, VanEck has amended its spot Bitcoin ETF, VanEck Bitcoin Trust.
Advisor of VanEck, Gabor Gurbacs, went to X, stating, “HODL” is the finest ticker in the race for Bitcoin ETFs. He is ecstatic about this new turn of events since, according to his fruitful conversations with the SEC, approval is on the horizon for next year.
January Deadline Closing In
According to Bloomberg ETF expert James Seyffart, this is modification number five for VanEck, which has been attempting to create a Bitcoin ETF for a long time. The SEC has everyone’s attention now that the January deadline is drawing near.
Most recently, on October 29, VanEck announced that it will be seeding the spot BTC ETF with assets held in actual Bitcoin. The management at VanEck are optimistic that the SEC will approve a spot Bitcoin ETF in January.
In Q1 2024, the firm expects Bitcoin ETFs to raise $2.4 billion, and by 2024, they expect the price of Bitcoin to reach $100,000. Galaxy Research had predicted spot Bitcoin ETF inflows of up to $14B in the initial year of introduction, so this is somewhat lower.
Spot Bitcoin ETF specialists Eric Balchunas and Scott Johnsson predict that investors would have the opportunity to trade in the cryptocurrency within a week to two months, if the SEC accepts the proposal on January 8.
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Source: https://thenewscrypto.com/vaneck-files-updated-bitcoin-etf-application-with-the-u-s-sec/