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VanEck Takes Another Stab at Launching Spot Bitcoin ETF

1 Jul, 20221 min readBitcoin
VanEck Takes Another Stab at Launching Spot Bitcoin ETF

VanEck, a global investment manager based in New York, has refiled its application to roll out a spot Bitcoin exchange-traded fund.The investment behemoth's previous attempt to launch such a product was shut down by the U.S. Securities and Exchange Commission last November. The SEC reiterated its concerns about market protection in its rejection letter.The SEC is yet to greenlight a spot-based Bitcoin ETF despite approving several futures-based products in the past.The agency's reluctance to approve a Bitcoin ETF has been a major source of frustration within the cryptocurrency community.

As

, the agency recently rejected Grayscale's attempt to convert its Bitcoin trust into an ETF, delivering a major blow to the company. GBTC shares hit a record discount of more than 35% on Thursday.

Grayscale has filed a lawsuit against the SEC in a long-shot attempt to push back against the recent decision.

CEO Michael Sonnenshein said that his company would remain "laser-focused" on obtaining regulatory approval to convert the trust into an ETF.

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