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VanEck’s CEO Urges the SEC to Approve a Bitcoin ETF Due to High Customer Demand

Summary:
Jan van Eck, the CEO of the giant investment manager, VanEck, has asserted that the firm’s customers have a growing appetite for a Bitcoin ETF. This comes amid the company’s frequent attempt to have an exchange-traded product approved in the US. During a recent interview with CNBC, van Eck spoke about the company’s plans to enter the cryptocurrency space through an exchange-traded fund that tracks the performance of bitcoin. The firm has already filed for a few such ETFs. It withdrew the previous attempts, and the latest one, filed earlier this year, has been delayed twice by the US Securities and Exchange Commission. While waiting for the SEC’s final decision, VanEck filed another draft prospectus for a BTC futures mutual fund earlier this week. Called the “Bitcoin

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Jan van Eck, the CEO of the giant investment manager, VanEck, has asserted that the firm’s customers have a growing appetite for a Bitcoin ETF. This comes amid the company’s frequent attempt to have an exchange-traded product approved in the US.

  • During a recent interview with CNBC, van Eck spoke about the company’s plans to enter the cryptocurrency space through an exchange-traded fund that tracks the performance of bitcoin.
  • The firm has already filed for a few such ETFs. It withdrew the previous attempts, and the latest one, filed earlier this year, has been delayed twice by the US Securities and Exchange Commission.
  • While waiting for the SEC’s final decision, VanEck filed another draft prospectus for a BTC futures mutual fund earlier this week.
  • Called the “Bitcoin Strategy Fund,” it will invest in BTC futures contracts, pooled investment vehicles, and ETPs with exposure to the primary cryptocurrency.
  • However, it will not invest directly in BTC, which is why VanEck’s CEO believes the SEC should focus on approving a Bitcoin ETF. He outlined a significant demand coming from customers for such a product.
  • “We really think the SEC should approve a Bitcoin ETF.” – he noted.

  • However, he believes that the Chairman of the Commission is not “putting it high on his agenda. It is what it is. The SEC is just not moving fast on this.”
  • Van Eck also took a stab at the Grayscale Bitcoin Trust, saying that the only alternative to a BTC ETF in the US is a “closed-end fund that trades it at a 40% premium or 20% discount.”
  • “Bitcoin futures … aren’t any better because of the shape of the futures curve. There’s a futures-based fund that underperformed bitcoin by 22% last year and 8% this year. Can’t predict what the SEC will do, but investors are really asking for a more efficient access vehicle.” – he concluded.

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