VanEck amended its spot Bitcoin ETF application with the U.S. Securities and Exchange Commission (SEC) on Dec. 29.
The company’s updated S-1 form notably removes immediate allowance for in-kind transactions involving Bitcoin. The Dec. 29 update says that authorized financial firms will deliver and receive only cash during share creation and redemption. It adds that authorized participants “will not directly or indirectly purchase, hold, deliver, or receive bitcoin” as part of subscription and redemption and says that in-kind models are subject to regulatory approval that may never occur.
The filing also adds information related to a seed share purchase, noting that proceeds to the trust from the sale totalled $25 million.
The update adds that VanEck expects to enter an agreement with Coinbase Custody to serve as an additional custodian, though this is not guaranteed. Many other applicants have made similar agreements with Coinbase Custody.
One section changes how Bitcoin prices a
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