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VanEck CEO says rejection is not the end, telling an interview that the firm will “return”.
Jan van Eck, CEO of VanEck, says the company is not giving up its pursuit of a spot Bitcoin ETF.
Speaking on the Scoop podcast with Frank Chaparro of The Block, Van Eck said that despite recent disappointment, the firm remains fully committed to filing new applications for crypto funds.
In November, the U.S. Securities and Exchange Commission (SEC) rejected VanEck’s application for a spot Bitcoin ETF. The decision means the U.S. market is still awaiting its first exchange-traded fund that directly tracks Bitcoin’s market price.
Grayscale Investments criticized the SEC’s rejection of VanEck’s bid, arguing that the regulator’s willingness to approve only futures-based products highlights inconsistencies in its approach. The asset manager urged the agency to allow its Bitcoin product to be listed on the NYSE, saying U.S. investors are missing out on opportunities to invest in funds that track Bitcoin prices.
Promising to “return” with another filing, Van Eck pointed to potentially helpful responses from two members of the U.S. Congress. He described the lawmakers’ letters to the SEC about a Bitcoin ETF as positive, even if the agency acted as it did.
Van Eck compared the SEC’s rejection of the product to earlier resistance before the regulator ultimately approved gold ETFs. He noted that, similarly, the SEC was initially favorable to futures-based gold ETFs before finally approving one that tracks the spot price of gold.
Van Eck also discussed the firm’s plans outside the United States. While VanEck remains focused on launching crypto products in the U.S., it is also working to expand services and develop products tailored to the European market.
VanEck’s futures-based Bitcoin ETF is one of three recently approved by the SEC; the other two were filed by ProShares and Valkyrie.