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.
RECOMMENDED: Stock Market Recommendations For Week 41 (05/10/2020 – 09/10/2020)
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.
Read more: The Case for a Bitcoin ETF
JAMB has banned UTME Registration Centres from nocturnal practices. BrandNewsDay Nigeria reports that the Joint…
SERAP has sued President Tinubu over an alleged N167bn project fraud. BrandNewsDay Nigeria reports that…
Governor Sanwo-Olu is reportedly relieved as President Tinubu has decided to step back from the…
Primate Ayodele has unveiled the candidate that will defeat President Tinubu in the 2027 general…
Stanbic IBTC Holdings PLC, a member of Standard Bank Group, has announced the opening of…
Presco PLC (Presco or the “Company”), has achieved a significant milestone with the successful issuance…
This website uses cookies.