VanEck Announces New Push to Launch Bitcoin ETF Amid Changes at the SEC

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VanEck, the investment management company, is renewing attempts to launch a Bitcoin ETF.

The New York-based corporation filed for the U.S. On Wednesday, the Securities and Exchange Commission (SEC) will win approval for a Bitcoin Trust from VanEck.

In September 2019, VanEck retracted its last drive for a Bitcoin ETF with the SEC before Wednesday’s filing.

The ETF will trade on the Cboe BZX Market, as was suggested in its previous filing.

So far, all attempts to launch a BTC ETF have been rejected by the SEC.

VanEck and other financial firms, however, may feel a sense of renewed confidence on the heels of the significant acceptance of Bitcoin in 2020.

This year, coinciding with its run-up to over $33,000, the number one crypto asset by market cap, has attracted the attention of billionaires and institutional investors.

Michael Saylor, CEO of MicroStrategy, says that his company plans to own Bitcoin worth $1 billion. At the same time, other big corporations such as Square payments giant and MassMutual insurance behemoth make smaller bets on the leading cryptocurrency.

SEC President Jay Clayton has also stepped down from his role, perhaps making room for a more crypto-friendly regulator to take the reins as President-elect Joe Biden steps into office.

The effects of a Bitcoin ETF would probably be essential. Raoul Pal, a macro analyst, and investor say a tidal wave of institutional investors is waiting on the sidelines for such a trust to be released.

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