VanEck's spot Bitcoin ETF modified version may use Bitcoin as seed capital

ChainCatcher news, U.S. financial lawyer Scott Johnsson tweeted that the wording regarding seed capital in VanEck's updated Bitcoin spot ETF prospectus is similar to that of BlackRock. However, VanEck did not use cash as seed capital like BlackRock's iShares, but instead suggested using Bitcoin as seed capital.

Previously, BlackRock planned to provide seed capital for its Bitcoin ETF in October. Seed capital refers to the funds contributed by banks and brokerages to purchase underlying assets (in this case, Bitcoin) in exchange for ETF shares that can be traded on the open market on the first day of listing.