Investing in Web 3.0 Companies: VanEck Files 5th Amendment for Bitcoin ETF Under ‘HODL’

Exploring Web 3.0 and the VanEck Bitcoin ETF

Asset manager VanEck recently filed a fifth amended application for a spot Bitcoin (BTC) exchange-traded fund (ETF) on Dec. 8.

The S-1 Form with the United States Securities and Exchange Commission (SEC) was updated to include the VanEck Bitcoin Trust. This investment vehicle allows people to buy shares in a fund that tracks the price of Bitcoin.

The ticker symbol for the spot Bitcoin ETF is “HODL,” which is a misspelling of “hold” or an acronym for “hold on for dear life.” Bitcoiners use this phrase to describe a strategy of buying and never selling the digital asset.

The ticker symbol for the ETF drew attention on Twitter. Nate Geraci, president of the advisory firm The ETF Store, commented that people familiar with web 3.0 and crypto will appreciate the ticker, except boomers who won’t understand it. He also noted that the ticker would help avoid negative attention on adviser statements, as many advisers already advocate hodling in different asset classes.

VanEck’s Unique Ticker Symbol Choice

Eric Balchunas, a Bloomberg Intelligence senior ETF analyst, commented that VanEck’s ticker symbol choice is a unique approach compared to the “more boring Boomer-y choices” made by other companies such as BlackRock and Fidelity.

On December 8th, VanEck itself also acknowledged the situation, saying that numerous firms, including themselves, BlackRock, Fidelity, Valkyrie and Franklin Templeton, are competing for an approved spot for a Bitcoin ETF. The SEC has yet to show their support, but they have been talking to the applicant firms to address the technical details in their fund proposals.

VanEck believes the SEC will approve a Bitcoin ETF spot in January and anticipates $2.4 billion in inflows in Q1. With the usage of Web 3.0 applications, artificial intelligence, and databases, the differences between Web 2.0 and Web 3.0 are becoming more and more evident.