Asset manager VanEck filed its fifth amendment application for a spot Bitcoin (BTC) exchange-traded fund (ETF) on December 8.
The VanEck ETF is now expected to be listed under the ticker “HODL.” This is either a misspelling of “hold” or an abbreviation for “hold on for dear life.” Bitcoiners use this phrase to describe their strategy of buying digital assets and never selling them.
I love this play…
Retailers who know the cryptocurrency space will love Ticker.
Boomers are unlikely to draw negative attention to their advisors’ explanations because they have no idea what that means (and many advisors preach “HODL” for other asset classes anyway).
This is a good straddle.
— Nate Geraci (@NateGeraci) December 8, 2023
VanEck’s ticker symbol for the spot Bitcoin ETF caught the attention of X (formerly Twitter) analysts. Nate Geraci, president of advisory firm The ETF Store, said: I left a comment. People familiar with cryptocurrencies will appreciate the ticker, except boomers who don’t understand it. He said the ticker would help avoid negative attention to advisors’ statements, as many advisors already advocate holdings in a variety of asset classes.
Depending on the Eric Balchunas, senior ETF analyst at Bloomberg Intelligence, says the ticker symbol selection differs from the “more boring boomer choices” pursued by other firms such as BlackRock and Fidelity. He suggested that ticker selection was a unique approach for VanEck.
VanEck himself also got in on the fun: electricity December 8 Comments:
“My #Bitcoin ETF *if approved, will bring every baby boomer onto the scene.”
Related: Bitcoin will hit record high by the end of 2024, Binance will lose first place — VanEck
Several companies are vying for an approved Bitcoin ETF, including BlackRock, Fidelity, VanEck, Valkyrie, and Franklin Templeton. The SEC has not expressed support for the application, but has recently held discussions with representatives of the applicant companies to address the technical details of the fund’s proposal.
VanEck anticipates SEC approval of a spot Bitcoin ETF in January and estimates $2.4 billion in inflows in the first quarter.
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