VanEck to Launch Bitcoin ETF following changes at SEC

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VanEck Investment Management is renewing its plans to launch the Bitcoin ETF.

New York-based corporation filed with the U.S. Securities and Exchange Commission (SEC) to gain the consent of the VanEck Bitcoin Trust on Wednesday.

Prior to Wednesday’s filing, VanEck dropped its last push for the Bitcoin ETF with the SEC in September 2019.

As proposed in its previous filing, the ETF will trade on the Cboe BZX Market.

So far, the SEC has rejected any effort to launch the BTC ETF.

However, VanEck and other financial firms may feel a sense of renewed faith in the heels of the big acceptance of Bitcoin in 2020.

The market cap number one crypto commodity caught the eye of billionaires and institutional investors this year, coinciding with a rally of over $33,000.

MicroStrategy CEO Michael Saylor says his company plans to own $1 billion worth of Bitcoin while other big firms, such as billing giant Square and insurance behemoth MassMutual, make smaller investments on the leading cryptocurrency.

In addition, SEC Chairman Jay Clayton has resigned from his position, likely making space for a more crypto-friendly regulator to operate as President-elect Joe Biden comes to power.

The effects of the Bitcoin ETF are likely to be important. Macro analyst and investor Raoul Pal says that there is a tidal wave of institutional investors waiting on the sidelines to begin such a trust.

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