Asset supervisor VanEck filed a fifth amended software for a spot Bitcoin (BTC) exchange-traded fund (ETF) on Dec. 8.
According to the regulator’s database, the amended filing to the S-1 Form with the United States Securities and Exchange Commission (SEC) highlights updates to the VanEck Bitcoin Trust. A spot Bitcoin ETF is an investment vehicle that lets people buy shares in a fund that tracks the price of Bitcoin.
The VanEck ETF is now expected to be listed under “HODL,” which is a misspelling of “hold” or an acronym for “hold on for dear life.” Bitcoiners use the phrase to describe a strategy of buying and never selling the digital asset.
I like this play…
Retail who knows crypto space will love the ticker.
Boomers will have no idea what it means, so won’t attract negative attention on advisor statements (plus a lot of advisors preach “HODL” in other asset classes anyways).
Good straddle here.
— Nate Geraci (@NateGeraci) December 8, 2023
VanEck’s ticker image for the spot Bitcoin ETF bought the eye of analysts on X (previously Twitter). Nate Geraci, president of the advisory agency The ETF Retailer, commented that individuals aware of crypto will recognize the ticker, besides boomers who gained’t perceive it. He mentioned the ticker would assist keep away from unfavorable consideration on adviser statements, as many advisers already advocate hodling in several asset courses.
According to Eric Balchunas, a Bloomberg Intelligence senior ETF analyst, the ticker image selection differs from the “extra boring Boomer-y decisions” different corporations like BlackRock and Constancy go for. He instructed that the ticker image selection is a novel strategy by VanEck.
VanEck itself additionally bought in on the enjoyable by posting a touch upon Dec 8:
“My #Bitcoin ETF will deliver all the child boomers to the yard, *if accepted.”
A number of corporations, together with BlackRock, Constancy, VanEck, Valkyrie and Franklin Templeton, are in the race for an approved spot Bitcoin ETF. Whereas the SEC hasn’t indicated its assist for the filings, it has engaged in recent discussions with representatives from the applicant companies to handle technical particulars of their fund proposals.
VanEck anticipates SEC approval for a Bitcoin ETF spot in January and estimates $2.4 billion in inflows in Q1.