VanEck‘s Bitcoin ETF encountered a significant rise in cash inflow in the first quarter of 2024.
According to the recent filing of VanEck Bitcoin trust with the Securities and Exchange Commission, the HODL Bitcoin made a great achievement by collecting $109 million in net assets in Q1 of 2024, conducted on March 31.
Bitcoin ETF approved, while Ethereum ETF Anticipates Rejection
The initial filing revealed that some holders possessed 8,711 BTC, purchased for $ 515 million and now the estimated value is $619 million. The ETF also revealed liabilities totaling $20 million and a net realized gain of $6 million. However, the fund still holds 8.2 million shares outstanding as of April 30, 2024.
The SEC made history by approving the VanEck Bitcoin ETF and 10 other BTC ETFs on Jan 10, 2024.
In an interview on April 19, VanEck CEO Jan van Eck expressed doubt about the approval of spot Ethereum ETF from the SEC. He expressed his thoughts that his firm‘s application is likely to be rejected.
VanEck and Cathie Wood’s ARK are the pioneers to submit an application for the approval of Ethereum spot ETF in the United States. The decision on approving Ethereum ETF is still pending, as the final decision is expected on May 23 and May 24.
Criticisms and Concerns Raised by Advisor
VanEck advisor Gabor Gurbacs criticized current crypto regulations for creating hurdles in innovation, on March 27.
His major concern is volatility in the crypto market caused by regulatory frameworks. He Highlighted the SEC for delaying the approval of the Ethereum ETF applications.
“I am personally unhappy with how regulators in developed markets managed the first decade of digital asset regulation,” said Gurbacs. “They manage to simultaneously enable scammers, hamper actual innovation, and protect incumbents at the expense of those building better systems.”
“It’s not excusable or tolerable to prioritize personal/political interests and senseless bureaucracy over national interests and capital formation. Not ever, but particularly not in the economic condition where the world is now,” stated Gurbacs.
