SEC in Receipt of VanEck’s Bitcoin ETF Application

In just over a month, Canadian bitcoin ETFs might just have some competition from their neighbors down south.  The Securities and Exchange Commission announced today that it is in receipt of VanEck’s application for its proposed bitcoin ETF. Should that be […]

article-image

VanEck CEO Jan Van Eck | Source: VanEck

share

key takeaways

key takeaways

  • The US could soon have its first bitcoin ETF, with an announcement expected in late April or early May
  • VanEck is one of the world’s largest ETF managers

In just over a month, Canadian bitcoin ETFs might just have some competition from their neighbors down south. 

The Securities and Exchange Commission announced today that it is in receipt of VanEck’s application for its proposed bitcoin ETF. Should that be approved, it would set the stage for the first bitcoin ETF to be launched on an American exchange. 

Loading Tweet..

Historically, the SEC has rejected all of the prior bitcoin ETF applications citing the potential for market manipulation and a host of other concerns —and VanEck withdrew its prior application. However, in the time since then, regulators in Ontario have approved three bitcoin ETFs and it’s hoped that these would serve as a precedent for approval by the SEC. 

Infrastructure in place for a bitcoin ETF

In an earlier interview with Blockworks, Brian Mosoff, CEO of Ether Capital, which acted as a special consultant for Toronto-listed Purpose Investment’s Bitcoin ETF, the world’s first, said that the availability of institutional-grade infrastructure helped convince regulators that the market was ready for such a product. The success of prior closed end funds like the Grayscale Bitcoin Trust (GBTC) or 3iQ’s bitcoin fund effectively solidified things. 

“These were important products to bring to the market and they really paved the way for the regulator to get comfortable and say, ‘there are institutional grade ways we can do custody, right?’” Mosoff said. “The closed end funds were in the market long enough and proved the custodians weren’t going to get hacked.”

Prior applications for bitcoin ETFs in Canada Mosoff is familiar with were all during the bull run of 2017, and at that time regulators at Ontario’s Security Commission were frankly skeptical that this was an asset class that was going to be around for a long time. 

“I think that they were right to have all those concerns in 2017. The space is very different three years later than it was back then,” he said. 

SEC commissioner Hester Peirce, dubbed the “Crypto Mom” by her fans, has been a long supporter of a bitcoin ETF being listed in the US. In a February interview with CoinDesk TV, Peirce pointed to the success of the bitcoin ETFs in Canada as proof that the American market is ready for one. 

“I feel that trend reinforces my position, I gave it several years ago. We are ready for a Bitcoin Exchange Product,” she said. “I would like to see an Exchange Product move forward. Facts and circumstances matter, but I think people are looking for ways to access Bitcoin via our regulated market.”

The price of bitcoin is opening the Thursday US trading session at approximately $58,408.

Tags

Decoding crypto and the markets. Daily, with Byron Gilliam.

Upcoming Events

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

Industry City | Brooklyn, NY

TUES - THURS, JUNE 24 - 26, 2025

Permissionless IV serves as the definitive gathering for crypto’s technical founders, developers, and builders to come together and create the future.If you’re ready to shape the future of crypto, Permissionless IV is where it happens.

Brooklyn, NY

SUN - MON, JUN. 22 - 23, 2025

Blockworks and Cracked Labs are teaming up for the third installment of the Permissionless Hackathon, happening June 22–23, 2025 in Brooklyn, NY. This is a 36-hour IRL builder sprint where developers, designers, and creatives ship real projects solving real problems across […]

recent research

Research Report Templates (2).png

Research

Uniswap confronts structural headwinds as Ethereum's dominance in DEX volume erodes while Solana emerges as the leading ecosystem. Despite massive historical volume, UNI token holders receive no revenue distribution after four years of operation, while multi-chain expansion efforts consistently underperform due to subsidized local competitors. Recent initiatives including Unichain L2 and V4 protocol upgrades have failed to generate meaningful organic adoption despite substantial incentive programs, highlighting the challenge of competing in increasingly fragmented markets without sustainable value accrual mechanisms.

article-image

Why nobody can ever truly “win” Bitcoin mining

article-image

Privy said it would still operate as an “independent product” despite the acquisition

article-image

Franklin Templeton’s Roger Bayston tells Blockworks that stablecoins and market funds ‘complement’ each other

article-image

Analysts are lowering their earnings estimates for Big Tech, while BTC continues to outperform top names

article-image

The updates could set the Solana ETFs on a path to approval within the next few months

article-image

Could the mobile-first platform give Courtyard a run for its money?