Asset manager VanEck is one of the many candidates to launch a Bitcoin (BTC) exchange fund on the American market. The global company has changed its location for the fifth time Exchange Traded Fund (ETF) filing showing the company wants to use a unique ticker that will be welcomed by many crypto investors.
🎁 This week: Trade your first €10,000 in crypto completely free
“HODL” Bitcoin exchange fund
A new change shows that the investment company has joined the American company Securities and Exchange Commission (SEC), it appears that the exchange fund will be listed under the ticker symbol “HODL.” Of course, the product still needs to be approved by the regulatory authority.
HODL is a well-known term in the crypto community. It’s a play on the English word ‘hold’ and has its origins in a 2013 Bitcoin forum post that accidentally used the term instead of “hold.” Since then, it has become a popular crypto term that stands for “Wait for dear life”. Investors use this phrase to describe a strategy of buying digital assets and never selling them.
Analysts are very happy with VanEck’s choice. Nate Geraci, president of consulting firm The ETF Store, noticed that people familiar with crypto will like the ticker, except boomers who don’t understand it.
According to Bloomberg ETF analyst Eric Balchunas The choice of ticker symbol is different from the “boring boomer decisions” made by giants like BlackRock and Fidelity. “Who knows, maybe it’s smart to differentiate here. “In addition, VanEck specializes in niches and has a solid retail base,” writes Balchunas.
According to a humorous post on X, VanEck seems to have the same opinion as Geraci and Balchunas.
My #Bitcoin ETF* brings everything
Baby boomers on the farm.🥛
*If approved.– VanEck (@vaneck_us) December 4, 2023
Crypto predictions
Yesterday, VanEck shared 15 crypto predictions for 2024. The asset manager expects a promising year for the crypto industry, marked by a new bull market.
Among other things, VanEck expects Bitcoin exchange funds to be approved quickly and see an inflow of $2.4 billion in the first quarter. Additionally, VanEck expects the Bitcoin price to rise to a new record price in the fourth quarter and that Bitcoin will remain the largest cryptocurrency throughout the year.
Post views: 0