VanEck’s Bitcoin Exchange Traded Fund (ETF) has seen significant growth in the first quarter of 2024.
According to a recent filing by VanEck Bitcoin Trust with the Securities and Exchange Commission (SEC), the HODL Bitcoin ETF reported a $109 million increase in net assets in the first fiscal quarter of 2024, which ended March 31.
The filing also indicated that HODL held 8711 BTC worth $619 million. The ETF also recorded liabilities of $20 million and realized net income of $6 million. In addition, the fund held 8.2 million shares as of April 30, 2024.
The SEC approved VanEck and 10 other Bitcoin ETFs on January 10, 2024, marking a historic milestone for the cryptocurrency industry.
VanEck CEO Jan van Eck expressed skepticism about the SEC’s approval of Ethereum ETFs during an April 9 interview with CNBC. He indicated that he expects his company’s application will likely be rejected.
VanEck and Cathie Wood’s company ARK Invest has also applied for Ethereum ETFs in the United States. Both are awaiting a final decision, which is expected to be announced on May 23 and 24, respectively.
Earlier on March 27, VanEck advisor Gabor Gurbacs criticized current cryptocurrency regulations for stifling innovation.
Gurbacs’ concerns were triggered by instability in the cryptocurrency industry, which he attributed to an inadequate regulatory framework, especially after the SEC’s delay in potentially approving an Ethereum ETF application.
“Personally, I am unhappy with the way regulators in developed markets have managed the first decade of digital asset regulation,” – Gurbanacs said. “They have managed to simultaneously enable fraudsters, impede real innovation , and protect incumbents at the expense of those who build better systems.”
“Putting personal/political interests and meaningless bureaucracy ahead of national interests and capital formation cannot be forgiven or tolerated. Never, but especially not in the kind of economic situation the world is currently in,” Gurbancs said.
