The advancement in the approval process for the Spot Bitcoin ETF is evident as VanEck submitted its 5th S-1 amendment lodged with the U.S. Securities and Exchange Commission (SEC), demonstrating its ongoing dedication to the cryptocurrency Field. Filed on December 8, this amendment details changes to the VanEck Bitcoin Trust, an Exchange-Traded Fund(ETF) focused on spot Bitcoin trading. The ETF is anticipated to be listed under the ticker symbol HODL.

In a post on X, James Seyffart, a research analyst at Bloomberg Intelligence, highlighted this significant step taken by VanEck. He highlighted that VanEck’s submission of their 5th S-1 amendment indicates the extensive effort they made over the years to bring ETF to launch.

Mathew Sigel, head of Digital Assets Research at VanEck, commented on the competitive landscape, noting the potential market impact if a major player like BackRock enters the scene.

VanEck expects the SEC to approve a spot Bitcoin ETF in January and predicts $2.4 billion in inflows in the first quarter. They also project Bitcoin’s price to reach $100,000 by 2024, slightly below Galaxy Research’s $14 billion inflow prediction for the ETF’s first year.

However, the much-anticipated approval of Bitcoin ETF is being delayed further, leading to skepticism regarding the intentions of the SEC chairman Gray Gensler who has been a vocal critic of cryptocurrencies.