VanEck names meme HODL as ticker for Bitcoin ETF

In the updated filing to launch an exchange-traded fund (ETF) based on Bitcoin’s spot price, the asset-management company VanEck specified the product’s ticker as the meme HODL.

This filing reveals their ticker for what I think is the first time. It’ll be $HODL. pic.twitter.com/RzAoBEVgV1

— James Seyffart (@JSeyff) December 8, 2023

The term popular in the crypto community originated from a typo by a Bitcointalk user under the nickname GameKyuubi. In December 2013, amid another drop in the price of the first cryptocurrency, he wrote that he continued to hold the digital asset, but misspelled the word holding. As GameKyuubi explained at the time, he did not consider himself a skilled trader and simply bet on long-term growth.

Subsequently, HODL in the cryptocurrency ecosystem took on a new iteration, becoming an acronym that stands for Hold On for Dear Life (hold on for dear life).

Bloomberg ETF analyst Eric Balchunas assessed the move by VanEck. In the expert’s view, the ticker will attract the attention of young crypto investors against the backdrop of variants from BlackRock, Invesco and Fidelity. Moreover, the firm has a developed retail base, unlike its rivals, the analyst added.

Nate Geraci, president of ETF Store, agreed with him:

“I like this play. Retail traders familiar with the crypto space will love the ticker. Boomers have no idea what it means, so there won’t be negative attention to advisor statements, which in any case preach HODL for other asset classes. Not a bad double-down.”

I like this play…

Retail who knows crypto space will love the ticker.

Boomers will have no idea what it means, so won’t attract negative attention on advisor statements (plus a lot of advisors preach “HODL” in other asset classes anyways).

Good straddle here.

— Nate Geraci (@NateGeraci) December 8, 2023

VanEck also weighed in on the matter:

“Our Bitcoin ETF will bring in all the baby boomers (if approved).”

My #Bitcoin ETF* will bring all the
baby boomers to the yard.?
*If it’s approved.

— VanEck (@vaneck_us) December 4, 2023

As reported, the U.S. Securities and Exchange Commission has moved to the discussion stage of technical details with potential issuers of spot Bitcoin ETFs, according to the media.