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VanEck refiles with SEC for bitcoin ETF

Asset manager VanEck is taking another crack at approval for a bitcoin exchange-traded fund (ETF). If approved, it would be the first ETF to achieve approval from the U.S. Securities and Exchange Commission (SEC). 
VanEck has filed for a similar product twice before, resulting in withdrawals . After a series of rejections from the SEC last year, it withdrew its previous proposal in September of 2019. It's now filed a new S-1 with the regulator for another fund, called the VanEck Bitcoin Trust.
The ETF's shares would be traded on the Cboe BZX Exchange. They will be valued daily based on bitcoin prices on the top five bitcoin exchanges, which will be calculated by affiliate firm MV Index Solutions. The proposed maximum aggregate offering price, which is the number of securities multiplied by the price of each security, is $1,000,000.
A custodian was not named in the preliminary prospectus, which is incomplete and subject to change. © 2020 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice. shares this Contents always with License.

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