VanEck files a new application for the Spot Bitcoin ETF

VanEck, a giant in investment has filed a new application for a spot bitcoin ETF with the Securities and Exchange Commission (SEC).

VanEck’s filing for its VanEck Bitcoin Trust comes just eight months after the SEC rejected its previous application and just a day after it denied the spot bitcoin ETF applications of Grayscale Investments and Bitwise. Grayscale Investments is a subsidiary to the parent company Digital Currency Group.

The SEC has repeatedly cited concerns about applicants’ ability to prevent market manipulation and protect investors, although the agency has approved multiple bitcoin futures ETFs.

“Spot commodities and currency markets for which it has previously approved spot ETPs are generally unregulated and that the Commission relied on underlying futures market as the regulated market of significant size that formed the basis for approving the series of Currency and Commodity-Based Trust Shares, including gold, silver, platinum, palladium, copper, and other commodities and currencies,” VanEck noted in its filing.

Spot bitcoin ETFs are composed of bitcoin and assets that relate to bitcoin’s price. Spot bitcoin ETF approval was based on the argument that it would be affordable and easy to use for institutions and individuals to invest in bitcoin.

Grayscale Investments filed suit against the U.S. Securities and Exchange Commission (SEC) barely an hour after its rejection, asking the U.S. Court of Appeals for the District of Columbia Circuit to review the SEC’s order.

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