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VanEck CEO says firm will continue to push for a spot bitcoin ETF

  • VanEck’s CEO says the rejection of its application is not the end, noting in an interview that the firm “will be back.”

VanEck is not giving up on its push for a spot Bitcoin ETF, according to the firm’s CEO Jan van Eck.

The VanEck chief said this on the podcast Scoop, telling The Block’s Frank Chaparro that, despite a recent disappointment, it’s still all hands on deck as the company looks to put in new crypto funds applications.

In November, the US Securities and Exchanges Commission (SEC) recently rejected VanEck’s application for a spot Bitcoin ETF, a move that sees the US market still waiting for its first exchange-traded fund tracking the current market price of Bitcoin.

Grayscale Investments hit back at the SEC for rejecting the VanEck spot ETF, saying the regulator’s move to approve only futures ETFs showed discrepancies in its approach. The investment manager wants the agency to allow its application for a BTC product to be listed on the NYSE, stating that US investors are missing out on the opportunities that come with investing in funds that track BTC prices.

Vowing to “be back“ with yet another application, van Eck pointed to the potentially helpful responses from two members of the US Congress. He says that the letter by the policymakers to the SEC regarding the Bitcoin ETF was a plus, even if the agency acted as it did.

Notably, van Eck compared the SEC’s rejection of the product to what happened before the regulator finally allowed gold bullion ETFs. He noted that, just like in current scenarios, the US regulator was keen on gold futures ETFs before eventually approving one that tracks spot gold.

Van Eck also talked about the investment firm’s plans in jurisdictions other than the United States.  He said that while the firm remains focused on having spot crypto products launched in the US, there are efforts to expand services and products tailored to the European market.

VanECK’s futures-based Bitcoin ETF is one of three that were recently allowed by the SEC, with the other two from ProShares and Valkyrie.

The post VanEck CEO says firm will continue to push for a spot bitcoin ETF appeared first on Coin Journal.

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Fundstrat’s Tom Lee: Jack Dorsey’s departure from Twitter is “bullish for crypto”

  • Dorsey, also the CEO of payments firm Square, stepped down on Monday

  • Tom Lee says its people like Dorsey who can marshal support for crypto innovation

  • Square has increasingly set itself as a pro-Bitcoin firm, including unveiling plans for a bitcoin decentralised exchange

Jack Dorsey’s decision to exit Twitter as the firm’s CEO could end up benefiting cryptocurrency, Fundstrat Global Advisors co-founder and managing partner Tom Lee has said.

Dorsey, who stepped down on Monday and plans to focus on payments firm Square, is also a vocal supporter of crypto (more so the pioneer cryptocurrency Bitcoin (BTC)).

Notably, it’s Square that might be at the center of Dorsey’s focus on crypto and Bitcoin innovation, an outlook that sees Lee opine that the ex-Twitter CEO’s exit is bullish for cryptocurrency.

Lee notes that the crypto space doesn’t have “enough capital actually allocated toward crypto innovation.” During an interview with CNBC’s “Tech Check”, the Fundstrat chief explained that its people like Dorsey have the capacity to really invest and marshal support for broader crypto development.

Square taking steps towards crypto innovation

Square, MicroStrategy and Tesla are three of Wall Street’s biggest bitcoin-invested companies, with the addition of BTC on the firm’s balance sheet contributing to increased revenues amid rocketing prices. But that’s not all.

Square’s focus on making it easier for people to invest and spend their BTC has been gaining traction lately and could accelerate now that Dorsey could be fully immersed at the company.

In July, the payments firm announced plans to have the Bitcoin network work with decentralised finance (DeFi) applications. In October, Dorsey revealed that the platform was considering setting up a solar Bitcoin mining operation.

Other than that, Square announced in June that it was working on a Bitcoin hardware wallet targeted at institutional investors and is in the process of developing a decentralised exchange (DEX) as detailed in a recently released whitepaper.

The spike in crypto interest has been driven by major developments in the DeFi, NFTs, and currently Metaverse sectors. Yet, Lee thinks Square’s Dorsey could do even more, telling CNBC that he doesn’t believe the burgeoning cryptocurrency sector “is over-invested yet.”  

Lee’s perspective resonates with that of GK ETF founder and CEO Ross Gerber, who also believes Dorsey’s resignation from Twitter makes sense and could be beneficial to Square Inc.

According to Lee, cryptocurrency provides for the “intersection of financial services and technology,” which means it potentially touches on “literally 60% of the economy.”

Meanwhile, the Fundstrat exec sees Black Friday’s markets sell-off as “horrific” and a massacre largely driven by panic selling. The downside was also heightened by the shortened trading day in the equities markets. But he notes that it offered a window of opportunity to investors.

Bitcoin is trading around $56,986 at the time of writing, about 1.3% down on the day and nearly 18% off since reaching its all-time peak of $69,044 on 10 November.

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