On December 8, asset management VanEck submitted a fifth modified application to create an exchange-traded fund (ETF) with spot Bitcoin.
Updates to the VanEck Bitcoin Trust are highlighted in the revised filing to the S-1 Form with the United States Securities and Exchange Commission (SEC), according to the regulator’s database. A place Investing in a fund that tracks the price of Bitcoin is possible with the help of a Bitcoin ETF.
It is presently anticipated that the VanEck ETF would be listed under the ticker symbol “HODL,” which is an acronym for “hold on for dear life” or a typo of “hold.” The phrase is used by proponents of bitcoin to refer to a buying and holding strategy for the digital asset.
VanEck’s ticker symbol for the spot Bitcoin ETF got the attention of analysts on X (formerly Twitter). Nate Geraci, president of the advisory firm The ETF Store, commented that people familiar with crypto will appreciate the ticker, except boomers who won’t understand it. He said the ticker would help avoid negative attention on adviser statements, as many advisers already advocate hodling in different asset classes.
Senior ETF analyst Eric Balchunas of Bloomberg Intelligence claims that the ticker symbol selection is different from the “more boring Boomer-y choices” used by Fidelity and BlackRock, among other firms. He asserted that VanEck took a novel technique in selecting the ticker symbol.
VanEck participated in the fun as well, commenting on December 8:
“If approved, my #Bitcoin ETF will bring all the baby boomers to the yard.”
In the competition for an authorised spot Bitcoin ETF are a number of firms, including Franklin Templeton, VanEck, Fidelity, BlackRock, and Valkyrie. The SEC has recently held conversations with representatives from the application firms to clarify technical elements in their fund plans, even though it hasn’t stated that it supports the filings.
VanEck projects $2.4 billion in inflows in Q1 and expects the SEC to approve a Bitcoin ETF slot in January.