Investment giant VanEck has once again applied for a spot Bitcoin exchange-traded fund (ETF) with the US Securities and Exchange Commission (SEC). Its rivals, including BlackRock, have recently made similar moves.
Investment Giant VanEck Renews Spot Bitcoin ETF Application
In June, the investment firm filed a new application with the securities regulator for a spot Bitcoin ETF. This application comes just months after the agency withdrew its previous request.
The Spot Bitcoin ETF is a desirable product because it offers investors a way to gain access to Bitcoin without the complexity of purchasing, storing, and managing the cryptocurrency directly.
This makes it more accessible to a wider range of investors, both individual and institutional. In addition to this accessibility, spot Bitcoin ETFs are regulated financial products, meaning they offer a higher level of security.
BlackRock, the world's leading asset manager, has also refined its own offering for such a product. This move is thought to be a tactical response to feedback and observations, reflecting the strategies of financial giants such as Ark and Fidelity.
*This is not investment advice.