SEC Rejects VanEck Bitcoin ETF Spot Direct Exposure


  • The SEC has rejected VanEck’s spot bitcoin ETF proposal.
  • The filer had not demonstrated that its proposal abides by the national requirements for such an offering, the SEC explained in a disapproval letter.
  • It is unclear when the commission would feel comfortable approving a spot BTC ETF in the U.S., but investors can still acquire bitcoin themselves  a better option.

The VanEck spot bitcoin exchange-traded fund (ETF) has been rejected by the Securities and Exchange Commission (SEC), according to a disapproval letter released on November 12.

The fund sought direct bitcoin exposure by holding BTC and offering related shares to U.S. investors. However, the SEC hasn’t conceded to the public’s demand and remains skeptical of such an offering.

The Cboe BZX Exchange filed with the SEC in March, proposing a rule change to list and trade shares of the VanEck Bitcoin Trust. After the SEC delayed the analysis of the filing several times throughout the year, it reached a conclusion in the letter released today.

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