Asset managers Fidelity and VanEck have unveiled their tickers for their spot Bitcoin (BTC) Exchange-Traded Fund (ETF) applications with the U.S. Securities and Exchange Commission (SEC).
VanEck chooses HODL
VanEck revealed the ticker for its Bitcoin ETF to be “HODL,” according to an updated filing submitted with the SEC.
VanEck’s HODL ticker choice is a departure from the norm compared to how several of its rivals incorporated the “BTC” symbol into theirs. For context, BlackRock and Invesco chose more traditional tickers like ‘IBTC,’ and ‘BTCO,’ while Grayscale is expected to maintain its Bitcoin Trust’s ‘GBTC’ acronym.
HODL is a term widely recognized among crypto investors that refers to the strategy of not selling your digital assets, even amid wild price changes in the market. It is commonly expressed as an acronym for “hold on for dear life” and is a faux-typo play on the word “hold.”
Market observers have suggested that VanEck’s choice could be part of its effort to stand out and attract retail investors while insulating itself from detractors. Nate Geraci, the President of ETF store, said:
“Retail who knows crypto space will love the ticker. Boomers will have no idea what it means, so won’t attract negative attention on advisor statements (plus a lot of advisors preach “HODL” in other asset classes anyways).”
Meanwhile, a terse statement on VanEck’s official X handle suggested that the ticker was “for the culture.”
Fidelity’s FBTC ticker
Fidelity’s ticker symbol ‘FBTC’ appeared on the U.S. Depository Trust and Clearing Corporation (DTCC) website on Dec. 7, joining a list of other applicants, including BlackRock and Invesco, whose tickers have appeared on the platform.
Bloomberg senior analyst Eric Balchunas described Fidelity’s ticker as “another boring-on-purpose choice aimed at the Boomerati.” Fidelity is one of the largest asset managers in the world, with more than $4 trillion in assets under management.
The DTCC is a prominent post-trade settlement house, managing trillions of dollars in daily securities transactions worldwide. However, a DTCC spokesperson previously clarified that the presence of these tickers on its website doesn’t signify approval from the SEC.
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- Source: https://cryptoslate.com/vaneck-embraces-crypto-culture-with-hodl-ticker-for-proposed-bitcoin-etf/
