Asset manager VanEck has filed a new application for its spot market Bitcoin ETF with the Securities and Exchange Commission (SEC).
A Bitcoin ETF would allow investors access to the asset without directly managing it.
In November 2021, the SEC rejected VanEck’s previous Bitcoin ETF application due to concerns surrounding “fraud and manipulation” of the Bitcoin spot market.
The SEC has only approved futures-based Bitcoin ETFs, rejecting all spot market Bitcoin applications to cross its desk.
A spot market Bitcoin ETF provides exposure to Bitcoin, whereas the futures-based Bitcoin ETF is based on a Bitcoin futures contract.
On Wednesday, the SEC rejected Grayscale’s Bitcoin ETF application after nearly eight months of prolonged delay.
Grayscale has moved to the court against SEC following the rejection
Cathie Wood’s Ark Invest and Bitwise have also faced rejections from the SEC for their Bitcoin ETF applications.