VanEck has filed a new application to register a Bitcoin-based exchange-traded fund (ETF). Its listing is planned on the BZX market of the Chicago Board Options Exchange (CBOE).
According to the application on the U.S. Securities and Exchange Commission’s (SEC) website, the instrument named VanEck Bitcoin Trust tracks the MVIS® CryptoCompare Bitcoin benchmark, net of the trust’s management fees.
The sponsor will be VanEck Digital Assets, and the administrator is Delaware Trust Company. The custodian has not yet been named.
The VanEck Bitcoin Trust’s share price will be recalculated daily based on the MVIS rate, which is derived from Bitcoin quotes on five cryptocurrency exchanges.
VanEck has secured a listing for a Bitcoin-ETN on Europe’s third-largest exchange
The advantage of an ETF is that it can trade on stock exchanges on par with the shares of publicly listed companies. It is expected that access to the trust will be provided through brokerage accounts.
Previously VanEck, which manages assets of about $49 billion, filed similar applications with the SEC twice, but the regulator refused to approve them on both occasions, after which the company withdrew them. The latest application was withdrawn in September 2019.
Follow ForkLog on Twitter!