One of the largest asset managers, VanEck, has amended its spot Bitcoin ETF application over a positive stance of approval from the US SEC (Securities and Exchange Commission).
Boomberg’s James Seyffart noted the move and shared that VanEck has also joined several other issuers in reconsidering their spot Bitcoin ETF application.
The application cites the latest update date of October 27, which suggests remarkable changes in the application that can potentially lead to approval after the company’s years of efforts.
The amended filing highlights that a seed investor will purchase the Seed Creation Baskets, a block of 50,000 shares in VanEck’s ETF. This purchase will also be carried out in Bitcoin instead of cash.
VanEck’s previous and one of the earliest attempts to launch a spot ETF for Bitcoin was rejected by the SEC in November 2021. Since then, a number of firms have submitted to have a Spot BTC ETF, while the US regulatory body has cut all corners to not let any of it in by putting forward their hefty regulatory framework.
However, the SEC has been recently rethinking its views on spot ETFs for cryptocurrency assets after it was ordered by the US Court of Appeals to review Grayscal’s GBTC ETF application in August.