The asset manager submitted an amended S-1 Form with the SEC on deadline day, switching to cash-only subscriptions like most issuers seeking spot Bitcoin ETF approval.
VanEck’s update did not name the authorized participants for its VanEck Bitcoin Trust, an exchange-traded fund aiming to invest in the largest cryptocurrency by market cap at its spot price.
Several other issuers like BlackRock have filed amended prospectus briefs to the cash-only edict stressed by the U.S. Securities and Exchange Commission (SEC). However, these updates have not disclosed APs who are effectively underwriters for these spot Bitcoin ETFs.
Underwriters guarantee payment and redemptions in the case of financial losses. These APs are typically banks, insurance companies, or investment houses. Should the SEC approve such products, spot Bitcoin ETF issuers like VanEck must disclose their APs before launch.
Before launch, every issuer will have to submit an effective prospectus. Essentially meaning they can go live. It’s in there that an AP/underwriter would theoretically have to be named along with fees and other details.
James Seyffart, Bloomberg ETF analyst
On Dec. 29, VanECK also released a promotional video on X for spot BTC ETF ahead of expected approval in early January. Hashdex, another asset manager biting for the same crypto fund, also posted marketing content and filed a new S-1 as firms seemingly amp up readiness.
Issuers and custodians have also experienced leadership shifts to position themselves for what Michael Saylor, MicroStrategy CEO, says would be the biggest development on Wall Street in over three decades.
Grayscale poached Invesco’s head of ETF business while Aaron Schnarch replaced Coinbase Custody CEO Rick Schonberg. Coinbase Custody is notably named as the custodial partner for several spot BTC ETFs, including BlackRock, Valkyrie, Invesco, and ARK 21Shares.
