Investment management firm VanEck is renewing its efforts to launch a Bitcoin ETF.
The New York-based firm filed with the U.S. Securities and Exchange Commission (SEC) on Wednesday to win approval for a VanEck Bitcoin Trust.
Prior to Wednesday’s filing, VanEck retracted its last push for a Bitcoin ETF with the SEC in September of 2019.
As was proposed in its previous filing, the ETF would trade on the Cboe BZX Exchange.
So far, the SEC has denied all attempts to launch a BTC ETF.
However, VanEck and other financial firms may feel a sense of renewed confidence on the heels of major Bitcoin adoption in 2020.
The number one crypto asset by market cap has caught the attention of billionaires and institutional investors this year coinciding with its run up to over $33,000.
MicroStrategy CEO Michael Saylor says his firm has plans to own $1 billion worth of Bitcoin, while other major companies such as payments giant Square and insurance behemoth MassMutual make smaller bets on the leading cryptocurrency.
Additionally, SEC chairman Jay Clayton has stepped down from his position, perhaps leaving room for a more crypto-friendly regulator to take the reins when President-elect Joe Biden steps into office.
The consequences of a Bitcoin ETF would likely be significant. Macro analyst and investor Raoul Pal says there is a tidal wave of institutional investors waiting on the sidelines for the launch of such a trust.
Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inboxFollow us on Twitter, Facebook and Telegram
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/spainter_vfx
