In a recent development, VanEck asset manager joins the list of candidates who have bitcoin/bloomberg-spot-bitcoin-etf/#:~:text=Bloomberg%20Analyst%20Predicts%20Likelihood%20Of%20A%20Spot%20Bitcoin%20ETF%20By%20January%202024,-by%20Scott%20Matherson&text=Following%20notable%20changes%20to%20the,as%20early%20as%20next%20year” rel=”nofollow noopener” target=”_blank”>made revisions to its bitcoin-news/sec-prove-bitcoin-is-not-manipulated/” rel=”nofollow noopener” target=”_blank”>bitcoin ETF Spot Prospectus. Many continue speculate that these revisions could mean that the approval of these funds by the US. crypto/sec-announcement-crypto/#:~:text=What%20The%20SEC’s%20Latest%20Announcement%20Means%20For%20The%20Crypto%20Industry,-by%20Scott%20Matherson&text=A%20recent%20announcement%20by%20the,actions%20have%20had%20on%20it.” rel=”nofollow noopener” target=”_blank”>National stock market Commission (SEC) is imminent as it is part of the process prior to the launch of an ETF.
Notables from VanEck’s revised prospectus
in a mail On his X platform (formerly Twitter), prominent financial lawyer Scott Johnsson mentioned how the asset manager revised prospectus shared similar language to BlackRock when it came to seeding. However, he said it is not too surprising since the same lawyers from the international law firm clifford chance represent both asset managers.
Despite the similar language, there was one particular difference that stood out between VanEck’s last presentation and that of BlackRock. Revealing seeding plans, VanEck suggested that he would get his hands on bitcoin. unlike BlackRockthat he had declared in his that his planting would be done with cash.
Despite the choice of words, Johnsson was cautious about reading too much into meaning. While he acknowledged that this was definitely an affirmative addition, he noted that it could suggest real intent or simply be “lazy counsel.”
VanEck joins companies such as Black Rock, bitcoin-news/21shares-spot-bitcoin-etf/#:~:text=The%20US%20Securities%20and%20Exchange,Spot%20Bitcoin%20ETF%20this%20year.” rel=”nofollow noopener” target=”_blank”>ArcaInvestand Fidelitywho had previously submitted their revised version of their Spot bitcoin ETF application.
Is a bitcoin Spot ETF Really Important?
Bloomberg analyst Eric Balchunas recently gave his opinion about why you think a bitcoin-news/sec-prove-bitcoin-is-not-manipulated/” rel=”nofollow noopener” target=”_blank”>bitcoin Spot ETF It is important, considering that many could simply buy bitcoin directly. He opined that these ETFs are important because of the convenience they provide to investors.
Others in the comments also weighed in on how ETFs also provide security and trust, as these asset managers They usually have to comply with certain regulations (especially those of the SEC) and therefore investors can rest assured that their assets are safe and even insured, unlike centralized exchanges that could pack up at any time without any recourse for customers.
Meanwhile, it can also be argued that these ETFs are also important for the widespread adoption of bitcoin as an asset. In a recent research work, digital galaxy He captured why these funds could be “particularly impactful” for bitcoin market adoption.
One of the reasons cited was that a Spot bitcoin ETF provides greater accessibility, especially for retail and institutions. There is also no doubt that these asset managers have a broader reach, especially when it comes to those who are willing to place big bets on bitcoin.
As the research firm succinctly put it, having a familiar, trusted brand like BlackRock offering a bitcoin ETF would help attract a “larger portion of the older, wealthier population that hasn’t yet joined in.”
<img decoding="async" class="aligncenter size-medium" src="https://technicalterrence.com/wp-content/uploads/2023/10/VanEck-Back-to-the-Drawing-Board-Unveils-Revised-Bitcoin-Spot" alt="Tradingview.com bitcoin Price Chart” width=”2650″ height=”1758″/>
btc recovers above $34,600 | Source: BTCUSD on Tradingview.com
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