The Wall Street asset managers are considered front-runners in the race to land the first U.S. spot Bitcoin exchange-traded fund.
Asset managers BlackRock and Van Eck submitted amended S-1 forms to the United States Securities and Exchange Commission (SEC) on Dec. 29, the last day for the SEC to consider them in January 2024. The forms are revisions of their previous applications to create Bitcoin (BTC) exchange-traded funds (ETFs).
Van Eck stated in its revised application, “Financial firms that are authorized to purchase or redeem Shares with the Trust (known as “Authorized Participants” or “APs”) will deliver only cash to create Shares and will receive only cash when redeeming Shares.” This is in keeping with the preference of the SEC.
Related: VanEck launches media campaign after claiming it ‘would rather buy and hold Bitcoin’
