Bitcoin ETF News: VanEck Files Fifth Amended Prospectus, Reveals Ticker

ETF and mutual fund manager VanEck submitted the fifth amendment to its spot Bitcoin exchange-traded fund prospectus with the U.S. Securities and Exchange Commission (SEC), revealing its ticker to be HODL, which means "hold on to dear life" in the crypto community.

As the cryptocurrency community awaits the decision of the SEC on the 13 spot Bitcoin ETF applications, several issuers have made a significant move, suggesting they are making progress with their applications.

Among them is VanEck, which submitted its fifth amendment and revealed its unique spot Bitcoin ETF ticker after BlackRock submitted its own amended prospectus last week.

The ETF and mutual investment company has been trying to launch a spot Bitcoin ETF for years, which is why it is already on its fifth S-1 Amendment, as explained by Bloomberg Intelligence ETF analyst James Seyffart.

"@vaneck_us has submitted an S-1 Amendment for their spot #Bitcoin ETF. They've been trying to launch this thing for so many years that it's amendment number 5 for them," Seyffart said in a post on X.

As for VanEck's spot Bitcoin ETF ticker, Eric Balchunas, another ETF analyst at Bloomberg Intelligence, explained that the company specializes in niche and aside from its solid retail base, VanEck's ticker is a fresh take in comparison to the choices made by Fidelity, Blackrock and Invesco.

"VanEck's bitcoin ETF ticker will be $HODL.. a departure from the more boring Boomer-y choices from BlackRock, Invesco and Fidelity. Who knows tho, maybe smart to differentiate here. Plus, VanEck specializes in niche and has a solid retail base," Balchunas wrote on X.

For the ETF institute co-founder and president of the advisory firm ETF Store Nate Geraci, VanEck's ticker will attract the interest of retail investors who know the cryptocurrency space well. And since Boomers have no idea what it means, it will not gain negative traction.

"I like this play," Geraci said, before adding, "Retail who knows crypto space will love the ticker. Boomers will have no idea what it means, so won't attract negative attention on advisor statements (plus a lot of advisors preach 'HODL' in other asset classes anyways). Good straddle here."

It is worth noting that the SEC has not made any statements related to spot Bitcoin ETF applications. As the crypto community keeps waiting for any positive news related to the applications, the developments from the vying firms push Bitcoin to soar.

Bitcoin, the world's oldest crypto asset and the largest by market capitalization, was trading in the red zone at $43,938.82 as of 3:48 a.m. ET on Sunday, with a 24-hour trading volume down by 31.32% at $15.92 billion.

This price action represents a 0.57% decrease in the value of Bitcoin in the past 24 hours and an 11.3% gain over the last seven days.

Data from CoinMarketCap showed that Bitcoin's current circulating supply stands at 19.57 million BTC with its value continuously falling by 0.52% at a $860.24 billion market cap.