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VanEck Bitcoin ETF Growth in Q1 2024
VanEck’s spot Bitcoin exchange-traded fund (ETF) showed significant growth in the first quarter of 2024. The HODL Bitcoin ETF, as per the recent filing with the Securities and Exchange Commission (SEC), witnessed an increase of $109 million in net assets for the first fiscal quarter ending on March 31.
Key Statistics:
- HODL held 8,711 BTC, valued at $619 million
- Reported liabilities of $20 million and a net realized gain of $6 million
- Had 8.2 million shares outstanding as of April 30, 2024
Bitcoin ETF Approval and Ethereum ETF Expectations
The SEC’s approval of VanEck and 10 other Bitcoin ETFs on Jan. 10, 2024, marked a significant milestone for the cryptocurrency industry. However, VanEck CEO Jan van Eck expressed doubts about the SEC’s approval of spot Ethereum ETFs during an interview with CNBC on April 9. He anticipated a likely rejection of the firm’s application.
VanEck and Cathie Wood’s ARK Invest were early applicants for Ethereum ETFs in the U.S., awaiting a final decision on May 23 and May 24, respectively.
Gurbacs’s Criticism of Crypto Regulations
On March 27, VanEck advisor Gabor Gurbacs criticized current crypto regulations for hindering innovation. He expressed concerns about the regulatory frameworks affecting the industry’s stability, especially following the SEC’s delay in potentially approving Ethereum ETF applications.
Gurbacs highlighted the need for better regulatory practices to foster innovation and protect the interests of those building improved systems.
Ian is a cryptocurrency enthusiast blending humor with professionalism. With an engineering background and a storyteller's heart, he simplifies the blockchain world with sharp analysis and a touch of wit. At Cryptowire, he brings his unique perspective to make digital financial innovation accessible to all.
