VanEck remains optimistic about the imminent approval of a spot Bitcoin ETF by the U.S. Securities and Exchange Commission (SEC).
Recently, VanEck submitted an updated S-1 filing for its VanEck Bitcoin Trust, with plans to use ‘HODL’ as the ticker for the spot Bitcoin ETF listing.
Gabor Gurbacs, a VanEck advisor, expressed excitement about this development, considering ‘HODL’ as a significant step forward in the Bitcoin ETF race. He also conveyed positive discussions with the SEC, indicating potential approval in the upcoming year.
SEC Talks and Seeding of Bitcoin ETF
The positive sentiment at VanEck aligns with their recent discussions with the SEC, fostering hope for approval. In their October 29 update, VanEck revealed plans to seed the spot Bitcoin ETF with funds held in actual Bitcoin, showcasing their commitment to the digital asset.
VanEck administrators anticipate significant growth in the Bitcoin ETF market, projecting trades amounting to $2.4 billion in the first quarter. Furthermore, they anticipate the price of Bitcoin (BTC) to soar to $100,000 by the year 2024, while setting an optimistic trajectory for the cryptocurrency.
Potential Timeline for Trading
ETF experts Eric Balchunas and Scott Johnsson predict that investors could potentially start trading the spot Bitcoin ETF within a maximum of two months. If the SEC approves the spot Bitcoin ETF on January 8, trading might even commence within a week.
This timeline hinges on regulatory approval, with industry experts closely monitoring the developments surrounding this eagerly anticipated product.
VanEck’s positive outlook on SEC approval, the innovative ‘HODL’ ticker selection, and their proactive approach to seeding the Bitcoin ETF. It also demonstrate confidence in the potential for a successful launch. The projected market growth and BTC price predictions further reinforce the enthusiasm surrounding the introduction of a spot Bitcoin ETF.
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