14 May

VanEck’s spot Bitcoin exchange-traded fund (ETF) saw substantial growth in the first quarter of 2024.

According to a recent filing with the Securities and Exchange Commission (SEC) by the VanEck Bitcoin Trust, the HODL Bitcoin ETF experienced a $109 million increase in net assets during the first fiscal quarter of 2024, which ended on March 31.

Gains for the Bitcoin ETF and the Expected Rejection of the Ethereum ETF

According to the petition, HODL also possessed 8,711 Bitcoin, which were valued at $619 million and cost $515 million. In addition, the ETF declared $20 million in liabilities and a $6 million net realized gain. Furthermore, as of April 30, 2024, 8.2 million shares of the fund were outstanding.

On January 10, 2024, the SEC approved VanEck and ten additional Bitcoin ETFs, which was a significant moment for the cryptocurrency market.

In an April 9 CNBC interview, Jan van Eck, CEO of VanEck, had doubts regarding the SEC's approval of spot Ethereum ETFs. He said he anticipated that the application from his company would probably be turned down.

The first firms to apply for Ethereum ETFs in the US were VanEck and Cathie Wood's ARK Invest. A final verdict is expected on May 23 or 24, respectively, for each of them.

Advisor Voices Doubts and Criticism

Advisor for VanEck Gabor Gurbacs has already blasted existing crypto legislation on March 27 for inhibiting innovation.

Gurbacs's worries stemmed from the volatility in the cryptocurrency market, which he ascribed to insufficient regulatory frameworks. This was particularly true in the wake of the SEC's apparent delay in accepting Ethereum ETF applications.

Gurbacs stated, "I personally am not happy with how regulators in developed markets handled the first ten years of digital asset regulation." "They succeed in protecting incumbents at the expense of those developing better systems, while also providing a platform for scammers and impeding genuine innovation."

“It is neither excusable nor tolerable to prioritize personal or political interests and unnecessary bureaucracy over national interests and capital formation, especially given the current global economic condition,”
stated Gurbacs.

May 2024, Cryptoniteuae

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