VanEck has resubmitted its Bitcoin Exchange Traded Fund (ETF) application to the Securities and Exchange Commission (SEC), introducing a unique seeding strategy based on Bitcoin, as announced by the company’s financial attorney, Scott Johnsson. This revised application seeks to emulate Bitcoin’s post-cost performance through “Creation Baskets” within the VanEck Bitcoin Trust. This move comes after VanEck’s prior attempts to list its Bitcoin Trust proved unsuccessful.
VanEck’s latest revision aligns with updates from Bitwise Asset Management, ARK Invest, and 21Shares to their spot Bitcoin ETF applications. Bitwise has presented counter-arguments against the regulators’ reasons for denial, while BlackRock, ARK Invest, and 21Shares have also adjusted their applications accordingly.
VanEck’s ambitions go beyond Bitcoin, as the firm is also planning to introduce an Ether Futures Exchange Traded Fund (ETF). This proposed fund is designed to facilitate standardized cash-settled Ethereum futures contracts, subject to approval by the SEC.
In addition to these developments, VanEck has expressed a bullish outlook for Solana’s SOL token price. The firm anticipates that SOL’s price will reach $335 by 2030, with the potential to surge to $3,211 per token in a bullish scenario. This optimistic projection is based on the expectation that Solana will host the first decentralized application (dApp) with over 100 million users.
Market participants are encouraged to closely monitor these developments, as they have the potential to shape the landscape of cryptocurrency investments and ETF offerings in the coming months and years.