VanEck's Bitcoin spot ETF fifth amendment includes both physical and cash-settled options in the creation process.

The asset management company VanEck has once again submitted the fifth amendment to the S-1 for a Bitcoin spot ETF, with creation/redemption process involving both physical and cash settlement. This submission also revealed their ticker symbol as HODL.

Creation/Redemption Process Includes Both Physical and Cash Options

The creation/redemption process also includes both physical and cash options. Bloomberg ETF analyst James Seyffart believes:

It seems that every company will leave this option in their S-1, but the 19b-4 approval may only allow for cash creation—at least initially. However, we are still awaiting some potential 19b-4 updates to confirm this.

Create/redeem language includes both in-kind and cash still. Looking more and more like everyone will leave that optionality in their S-1’s but 19b-4 approvals may only allow cash creates — atleast to start. Still waiting on some potential 19b-4 updates to confirm this though pic.twitter.com/SKNwxNTAct

— James Seyffart (@JSeyff) December 8, 2023

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VanEck Already Has Bitcoin and Ethereum Futures ETFs

Based in New York, asset management company VanEck, founded 55 years ago, manages assets totaling $76.4 billion. Through forward-looking, intelligent design, active and passive approaches, it provides value-added investments for emerging industries, alternative asset classes, and offers differentiated approaches for traditional strategies.

It also has the second Bitcoin futures ETF approved by the SEC after BITO with the code: XBTF. The current total assets are $71.72 million, with a year-to-date return of 144%.

In early October, the SEC approved 9 Ethereum futures ETFs at once, but after going live, there was not the same enthusiastic trading as the launch of Bitcoin futures ETFs in 2021, with the first day's trading volume being less than $2 million.

VanEck is also one of them, and at the time, VanEck humorously remarked to the crypto community:

Low trading volume, just like your jpeg.

The Ethereum strategy ETF EFUT, which invests through futures, currently has total assets of $14.27 million with a year-to-date return of 30%.