Investment management VanEck teased the phrase “Born to Bitcoin BTC -1.14%” in a video posted on social media on Friday, adding more fire to the wild rumors that the Securities and Exchange Commission may be getting closer to authorizing a spot bitcoin ETF.
The asset manager filed a revised S-1 form with the SEC on the same day as the 19-second video, suggesting that over a dozen companies are working with the regulator to finalize the contents of their applications before the deadlines for final decisions next month. In an earlier filing this month for its planned spot bitcoin ETF, VanEck made a gesture toward individual investors by indicating that it would use the ticker “HODL,” which is a frequent abbreviation in the cryptocurrency community for “hold on for dear life.”
VanEck posted a post claiming that the Friday video, which had a momentary “Buy Bitcoin” sign flash, wasn’t an advertisement or commercial.
It posted on X, saying, “It’s a teaser vid made by intern in 10 min.” “We posted one last week as well.”
Born to Bitcoin. 🧡 pic.twitter.com/qYI3bmZDvC
— VanEck (@vaneck_us) December 29, 2023
A spot bitcoin ETF has been the subject of competition from a number of companies, including Valkyrie, BlackRock, Fidelity, VanEck, and Franklin Templeton. Although the SEC has not yet authorized one, officials from many firms recently convened to deliberate on technical facets of the fund concepts.
Analysts have noted that the SEC appears to be favoring the so-called cash redemption model, which VanEck appears to be leaning toward in its most recent filing for the proposed fund, according to Bloomberg Intelligence analyst James Seyffart in a post on X.
“VanEck also added the same (or at least very similar) risk disclosure language around the fact that SEC is not allowing In-Kind,” he stated.