VanEck and Other Asset Managers Gear Up for Spot Bitcoin ETFs

On the final day for submissions, the asset manager revised its S-1 Form with the SEC, opting for cash-only subscriptions, a common choice among those seeking approval for a spot Bitcoin ETF.



VanEck's latest update omits the names of authorized participants (APs) for its VanEck Bitcoin Trust, a fund designed to invest in Bitcoin, the leading cryptocurrency by market value, at its current market price. Similar to VanEck, other companies, including BlackRock, have modified their prospectuses to comply with the SEC's emphasis on cash-only arrangements. Yet, these amendments have not revealed the APs, who serve as de facto underwriters for these ETFs.



APs, typically financial institutions like banks or investment firms, ensure payments and redemptions to cover potential financial losses. Before launching a spot Bitcoin ETF, companies


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