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VanEck, an investment management company headquartered in New York, recently filed an application with the US Securities and Exchange Commission (SEC) to register a VanEck trust. According to the documents submitted to the federal agency, the preliminary prospectus was submitted on December 30, 2020.
VanEck has filed similar applications with the SEC twice before, but was rejected last year. Since then, the company withdrew its previous application in September 2019.
So far, the SEC has considered many Bitcoin-based applications, but all have been rejected. In August 2018, the regulator rejected 9 such proposals on the same day.
In October last year, SEC Chairman Jay Clayton stated that the agency was still open to considering ETF proposals.
VanEck has now submitted another new S-1 document called Vaneck Bitcoin Trust Fund to the regulator. The ETF stock will be traded on the Chicago Board Options Exchange (CBOE BZX).
Twitter user Kevin Rooke reminded people of the documents submitted by the $49 billion investment company.
Jamie Hannah, deputy director of investment at VanEck, recently stated in a report that the company has “increased interest in Bitcoin”.
Previously, VanEck listed Bitcoin-centric exchange-traded notes on the Deutsche Borse Xetra exchange in Germany on November 25.
VanEck Vectors Bitcoin ETN has a total expense ratio of 2%, which aims to enable investors to obtain the cryptocurrency without direct purchase. The investment management company said it is cooperating with Liechtenstein’s custodian bank Bank Frick, which will provide a “cold storage” for stored bitcoins.
Some Twitter users claimed that VanEck had been trying to obtain SEC approval for years. However, some cryptocurrency enthusiasts believe this is a bullish move that may contribute to Bitcoin’s current rise.
Image source: VanEck
Author Amy Li
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