VanEck’s Bitcoin ETF Report
VanEck’s spot Bitcoin exchange-traded fund (ETF) showed significant progress in the first quarter of 2024. The VanEck Bitcoin Trust reported a rise of $109 million in net assets for the quarter ending on March 31.
- The HODL Bitcoin ETF now holds 8,711 BTC, valued at $619 million.
- Reported liabilities are at $20 million with a net realized gain of $6 million.
- As of April 30, 2024, the ETF had 8.2 million outstanding shares.
Regulatory Milestones and Criticisms
“I am personally unhappy with how regulators in developed markets managed the first decade of digital asset regulation,” said Gabor Gurbacs, VanEck advisor.
The SEC’s approval of VanEck and 10 other Bitcoin ETFs on Jan. 10, 2024, marked a significant moment for the crypto industry. VanEck’s CEO, Jan van Eck, expressed doubts regarding spot Ethereum ETF approvals by the SEC during a CNBC interview in April. Both VanEck and ARK Invest, led by Cathie Wood, await decisions on their Ethereum ETF applications by May 23 and May 24.
“It’s not excusable or tolerable to prioritize personal/political interests and senseless bureaucracy over national interests and capital formation,” added Gurbacs.
On March 27, Gurbacs criticized existing crypto regulations for hindering innovation due to regulatory instability. He highlighted the delays in approving Ethereum ETF applications as a contributing factor.
