VanEck, one of the biggest competitors in the Bitcoin ETF race, reveals it remains loyal to the orange pill community by choosing the ticker “HODL” for potential crypto investment products .
in Friday submission The fund manager told the Securities and Exchange Commission that if the VanEck Bitcoin Trust's ticker (the symbol for securities traded on the stock exchange) is approved, it will become an old tenet for avid Bitcoiners. .
Depending on who you ask, “HODL” is either a misspelling of “hold” or an acronym for the phrase “hold on for dear life.” It is common among Bitcoiners to describe an investment strategy of buying digital assets and never selling them.
VanEck is a prominent mutual fund and exchange-traded fund (ETF) manager that has filed to release a Bitcoin ETF. The company is one of many high-profile companies hoping to discontinue its long-awaited cryptocurrency investment product next year.
New York-based company VanEck attempted to register a Bitcoin ETF with the SEC in 2018. Since then, like other applicants, it has received various rejections from top Wall Street regulators.
A Spot Bitcoin ETF is an investment vehicle that allows you to buy stocks on a stock exchange that tracks the price of Bitcoin. Experts say this is an easy way for investors to gain exposure to the niche and sometimes complex world of cryptocurrencies without having to buy and hold digital coins themselves.
Although Bitcoin ETFs exist elsewhere in the world, the SEC has never given the green light to major US Wall Street firms, including BlackRock, which are now racing to offer their own Bitcoin ETFs. ing.
Analysts predict that approval could come as early as January, leading to an influx of capital into Bitcoin and the broader digital asset market.
Edited by Stacey Elliott.