Asset manager VanEck filed a fifth amended application for a bitcoin (btc) exchange-traded fund (ETF) on December 8.
According According to the regulator's database, the amended Form S-1 filing with the United States Securities and Exchange Commission (SEC) highlights the updates to the VanEck bitcoin Trust. A bitcoin spot ETF is an investment vehicle that allows people to buy shares in a fund that tracks the price of bitcoin.
VanEck's ETF is now expected to be “HODL” listed, 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 work…
The retailer who knows the crypto space will love the ticker.
Boomers will have no idea what it means, so they won't draw negative attention to advisors' statements (plus, many advisors preach “HODL” in other asset classes anyway).
Nice ride here.
– Nate Geraci (@NateGeraci) December 8, 2023
VanEck's ticker symbol for the bitcoin spot ETF caught the attention of analysts on X (formerly Twitter). Nate Geraci, president of the advisory firm The ETF Store, commented that people familiar with cryptocurrencies will appreciate the symbol, except boomers who won't understand it. He said the ticker would help avoid negative attention on advisors' statements, as many advisors already advocate hodling across different asset classes.
According For Eric Balchunas, senior ETF analyst at Bloomberg Intelligence, the choice of ticker symbol differs from the “more boring Boomer options” opted for by other companies like BlackRock and Fidelity. He suggested that the choice of ticker symbol is a unique approach for VanEck.
VanEck herself also joined in on the fun destination a comment on December 8:
“My #bitcoin ETF will bring all the baby boomers to the playground, *if approved.”
Related: bitcoin new high set for end of 2024, Binance to lose top spot – VanEck
Several companies, including BlackRock, Fidelity, VanEck, Valkyrie, and Franklin Templeton, are in the race for an approved spot bitcoin ETF. While the SEC has not indicated its support for the filings, it has engaged in recent conversations with representatives of the applicant companies to address the technical details of their fund proposals.
VanEck anticipates SEC approval for a bitcoin ETF in January and estimates $2.4 billion in inflows in the first quarter.
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