Introduction:
VanEck is making waves in the Bitcoin ETF realm with its recent amendments to the application filed with the U.S. Securities and Exchange Commission (SEC). Buckle up as we dive into the exciting updates and changes that might just pave the way for the long-anticipated approval.
Bye-Bye, In-Kind Transactions! 🎉
In a plot twist, VanEck’s amended S-1 form bids farewell to immediate in-kind transactions involving Bitcoin. The update outlines that financial firms will now deal only in cash during share creation and redemption. No direct or indirect Bitcoin dealings here – it’s all about the cash, baby! But hold your horses; in-kind models are hanging in regulatory limbo, waiting for approval that may or may not come.
Seed Share Secrets Revealed! 💰
Discover the inside scoop on VanEck’s seed share purchase – a cool $25 million in proceeds to the trust. The filing spills the beans on this financial tidbit that adds another layer to the Bitcoin ETF saga.
Coinbase Custody: The Potential Sidekick! 🦸♂️
VanEck’s filing reveals plans to cozy up with Coinbase Custody as an additional custodian. While it’s not etched in stone, many others have made similar partnerships with Coinbase Custody, adding an intriguing twist to VanEck’s ETF strategy.
Bitcoin Prices: New Calculations in the Mix? 🔄
The filing introduces changes to how Bitcoin prices are calculated, courtesy of the MarketVector™ Bitcoin Benchmark Rate. Is this a game-changer or just a fancy description tweak? We’ll unravel this mystery as we dissect VanEck’s approach to the crypto price puzzle.
Born to Bitcoin Teaser – More Than Meets the Eye? 🎬
In a surprising move, VanEck drops a 19-second teaser titled “Born to Bitcoin.” Is it an ad, a glimpse into their crypto ethos, or something else entirely? We’ll unravel the intrigue surrounding this unexpected teaser and what it might signify for VanEck’s grand Bitcoin plans.
Conclusion: The Countdown to Approval! 📅
As we approach the rumored spot Bitcoin ETF approval date of January 10, 2024, the crypto community holds its breath. Will the SEC give the green light to VanEck’s application and possibly others? The suspense builds, and the crypto stage is set for a potential groundbreaking moment. Stay tuned for updates as we inch closer to this pivotal date!
Julia