Headlines

VanEck Entices US Security And Exchange To Accept Its Bitcoin Trust

As 2020 comes to an end, VanEck, one of the earlier advocates for an exchange-traded fund (ETF) based on Bitcoin has proposed another application to the U.S. Securities and Exchange Commission (SEC) to enlist its company as the “VanEck Bitcoin Trust.”

Brandnewsday understands that an ETF is seen as advantageous because it trades on the stock market much like shares in popular companies like Amazon, Apple and Microsoft do.

Recall that VanEck had proposed ETFs before, withdrawing its most recent application in September 2019. At the time the company said it remained committed to an exchange-traded product.

Advertisement

RECOMMENDED: Stock Market Recommendations For Week 41 (05/10/2020 – 09/10/2020)

According to VanEck, as it has in previous applications, this ETF would trade on the Cboe BZX Exchange.
VanEck

Meanwhile, the SEC has considered many applications for bitcoin-based ETFs and rejected them all. In August 2018, it rejected nine such proposals on the same day.

In October, SEC Chairman Jay Clayton said the agency was still open to considering ETF proposals.

According to the application, the number of the outstanding shares will depend on how much BTC is delivered to the Trust and held by an, as yet, undesignated custodian.

Advertisement

Read more: The Case for a Bitcoin ETF

Facebook Comments
Adebayo

Adebayo is a Content Developer and website manager who loves to learn, unlearn and relearn. He has a knack for exploring the tech world. He is always thirsty to learn as the tech ecosystem evolves every day.

Recent Posts

Apple Unveils iPhone 17 Air, Slick, Slimmer Than Previous Models (PHOTOS)

Apple Inc is set to present a slimmer iPhone 17 Air model, marking a potential…

2 weeks ago

Six-Year-Old Ella Shoots, Kills American Police Officer In Mother’s Defense

A six-year-old girl, Ella, fatally shot a 28-year-old American police officer last month after witnessing…

2 weeks ago

LIRS Urges Taxpayers To Meet March 31 Deadline For Annual Tax Return Submission

The Lagos State Internal Revenue Service (LIRS) reminds all individual taxpayers, including self-employed individuals, those…

2 weeks ago

Stanbic IBTC Bank Partners Autochek To Boosts Car Ownership, Disburses N4Bn

Stanbic IBTC Bank, a prominent financial institution in Nigeria, has partnered with Autochek, an innovative…

3 weeks ago

Stanbic IBTC PMI®: Output Growth Accelerates To Fastest In Just Over One Year

The headline figure derived from the survey is the Stanbic IBTC PMI® - Purchasing Managers’…

3 weeks ago

Stanbic IBTC Bank Reintroduces Its Private Banking Offerings To Empower Nigerians Build Lasting Wealth

Stanbic IBTC Bank, a subsidiary of Stanbic IBTC Holdings and a leading financial service solutions…

3 weeks ago

This website uses cookies.