VanEck recently filed its fifth amendment to Form S-1 with the U.S. Securities and Exchange Commission (SEC), demonstrating its continued commitment to the cryptocurrency sector. This amendment, filed on December 8, outlines updates to the VanEck Bitcoin Trust, a spot Bitcoin exchange-traded fund (ETF). The ETF is expected to be listed under the ticker symbol HODL.
James Seyffart, a research analyst at Bloomberg Intelligence, noted this significant move by VanEck. Seyffart highlighted the company’s years-long journey to launch this ETF, noting the surprising fact that this filing is the Fifth Amendment.
“They’ve been trying to get this product out there for years, so it became Amendment No. 5,” Seyffart said.
Commenting on the competitive landscape, Mathew Sigel, head of digital asset research at VanEck, cited the potential market impact if a major player like BlackRock enters the market.
“Once BlackRock enters the market, some money transfer companies and financial advisors will add funds to their platform,” Sigel said.
VanEck expects the SEC to approve a spot Bitcoin ETF in January and expects $2.4 billion in inflows in the first quarter. They also expect the Bitcoin price to reach $100,000 by 2024, which is slightly lower than Galaxy Research’s $14 billion inflow forecast for the ETF’s first year.