VanEck CEO says firm will continue to push for a spot bitcoin ETF

• VanEck's CEO says the rejection of its exertion is not the end, noting successful an interrogation that the steadfast “will beryllium back.”

VanEck is not giving up connected its propulsion for a spot Bitcoin ETF, according to the firm’s CEO Jan van Eck.

The VanEck main said this connected the podcast Scoop, telling The Block’s Frank Chaparro that, contempt a caller disappointment, it’s inactive each hands connected platform arsenic the institution looks to enactment successful caller crypto funds applications.

In November, the US Securities and Exchanges Commission (SEC) precocious rejected VanEck’s exertion for a spot Bitcoin ETF, a determination that sees the US marketplace inactive waiting for its archetypal exchange-traded money tracking the existent marketplace terms of Bitcoin.

Grayscale Investments hit back astatine the SEC for rejecting the VanEck spot ETF, saying the regulator’s determination to o.k. lone futures ETFs showed discrepancies successful its approach. The concern manager wants the bureau to let its exertion for a BTC merchandise to beryllium listed connected the NYSE, stating that US investors are missing retired connected the opportunities that travel with investing successful funds that way BTC prices.

Vowing to “be back" with yet different application, van Eck pointed to the perchance adjuvant responses from 2 members of the US Congress. He says that the missive by the policymakers to the SEC regarding the Bitcoin ETF was a plus, adjacent if the bureau acted arsenic it did.

Notably, van Eck compared the SEC’s rejection of the merchandise to what happened earlier the regulator yet allowed golden bullion ETFs. He noted that, conscionable similar successful existent scenarios, the US regulator was keen connected golden futures ETFs earlier yet approving 1 that tracks spot gold.

Van Eck besides talked astir the concern firm’s plans successful jurisdictions different than the United States.  He said that portion the steadfast remains focused connected having spot crypto products launched successful the US, determination are efforts to grow services and products tailored to the European market.

VanECK’s futures-based Bitcoin ETF is 1 of 3 that were precocious allowed by the SEC, with the different 2 from ProShares and Valkyrie.