According to Decrypt, VanEck, a major contender in the Bitcoin ETF race, has chosen the ticker 'HODL' for its potential crypto investment product. In a recent filing with the Securities and Exchange Commission (SEC), the fund manager stated that the ticker for its VanEck Bitcoin Trust, if approved, will be the old-school mantra for diehard Bitcoiners. The term 'HODL' is popular among Bitcoin enthusiasts to describe an investment strategy of buying the digital asset and never selling it.
VanEck, a prestigious mutual and exchange-traded fund (ETF) manager, has applied to release a Bitcoin ETF and is among the high-profile firms hoping to launch the long-awaited crypto investment product next year. The New York-based firm previously attempted to register a Bitcoin ETF with the SEC in 2018 but has faced multiple denials, like other applicants. A spot Bitcoin ETF is an investment vehicle that allows people to buy shares on a stock exchange that track the price of Bitcoin, providing an easy way for investors to gain exposure to the cryptocurrency market without having to buy and hold digital coins themselves. While Bitcoin ETFs exist in other parts of the world, the SEC has not yet approved one in the U.S. Analysts predict that an approval could come as soon as January, potentially leading to a flood of capital into the Bitcoin and wider digital asset markets.
