VanEck, an established ETF and mutual fund manager, recently updated its filing for a spot Bitcoin BTC -3.45% exchange-traded fund (ETF) with the U.S. Securities and Exchange Commission (SEC). This update, made on December 8, confirmed that the ETF, known as the VanEck Bitcoin Trust, will be traded under the ticker symbol ‘HODL’.
The choice of ‘HODL’ as the ticker symbol is not just a nod to the popular crypto-community vernacular (originally a typo for ‘hold’, now often interpreted as ‘hold on for dear life’), but it also signifies VanEck’s continued effort in the Bitcoin ETF space. Gabor Gurbacs, a VanEck advisor, expressed excitement about this development, indicating that ongoing discussions with the SEC could lead to approval in the coming year. Bloomberg ETF analyst James Seyffart noted that this is the fifth amendment to VanEck’s Bitcoin ETF proposal, underscoring the firm’s persistent efforts in this area.
VanEck’s approach with the spot Bitcoin ETF includes plans to seed the ETF with funds physically backed by Bitcoin, as highlighted in their last update on October 29. The company is confident about the SEC’s approval in January and anticipates the ETF to reach $2.4 billion in the first quarter. They also project the Bitcoin price to hit $100,000 by 2024, although this estimate is slightly lower than Galaxy Research’s prediction of up to $14 billion in inflows during the first year of launch. If the SEC approves the ETF on January 8, ETF experts Eric Balchunas and Scott Johnsson believe that trading could commence within a week to two months.
Comparatively, Fidelity’s spot Bitcoin ETF, under the ticker ‘FBTC’, is now listed on the DTCC’s official website. This listing follows those of BlackRock and Invesco Galaxy, indicating Fidelity’s entry into the competitive space of Bitcoin ETFs.
Regarding BlackRock’s efforts, they filed an updated S-1 for their proposed spot Bitcoin ETF with the SEC, although the specific ticker symbol wasn’t detailed in the available sources. However, it was reported that BlackRock’s ETF ticker was listed on the DTCC website in October, stirring speculations about its imminent SEC approval.