Asset manager VanEck filed an amended application for a spot Bitcoin ( BTC ) exchange-traded fund (ETF) on Oct. 27 with the United States Securities and Exchange Commission (SEC), according to the regulator’s database.

The amended filing highlights that a seed capital investor purchased in October the Seed Creation Baskets — a block of 50,000 shares of the proposed ETF — with Bitcoin prices determined by MarketVector Bitcoin Benchmark Rate, an index used as a reference price of the cryptocurrency.

According to finance lawyer Scott Johnsson, the filing suggests the fund seeding will be carried out with Bitcoin, different from other spot Bitcoin ETF proposals with seeding in cash.

Andddddd @vaneck_us joins the amendment filings for spot #bitcoin ETF issuers. h/t @NateGeraci pic.twitter.com/zdYuUTAaE6

— James Seyffart (@JSeyff) October 29, 2023

A spot Bitcoin ETF would directly invest in Bitcoin, as opposed to existing ETFs that invest in Bitcoin futures. The spot version of the product is expected to draw substantial investments from investors seeking Bitcoin exposure via traditional asset managers.

With this new filing, VanEck joins a growing list of asset managers updating their applications for a spot Bitcoin ETF. In September, Bitwise Asset Management also filed an amended application responding to the SEC’s objections to the product.

Early this month, ARK Invest and 21Shares amended their joint application as well, providing additional information about their proposed spot Bitcoin ETF, including practices for asset custody and valuation.

The wave of amended filings may indicate that negotiations between asset managers and regulators are progressing. Commenting on filings awaiting regulatory approval, ETF analyst Eric Balchunas recently noted the changes in ETF proposals may reflect SEC requests for issuers to address concerns.

“It means ARK got the SEC’s comments and has dealt with them all, and now put [the] ball back in [the] SEC’s court,” Balchunas explained on X (formerly Twitter). “[In my opinion] good sign, solid progress.”

The U. S. SEC has delayed its decision on several proposals for spot Bitcoin ETFs in the country, including from BlackRock, Invesco, Bitwise, VanEck and Valkyrie. Market participants and analysts predict that a decision should be made within weeks.

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