VanEck ETFs Eye Swapping Ethereum for Shares Sans Cash
Published Date: 7/25/2025
Notice
Summary
The Cboe BZX Exchange wants to change the rules for the VanEck Bitcoin and Ethereum ETFs so investors can swap actual crypto assets instead of just cash when buying or selling shares. This move could make trading smoother and possibly save money for folks investing in these ETFs. The SEC is reviewing the change now, with decisions and comments happening through mid-2025.
Analyzed Economic Effects
2 provisions identified: 2 benefits, 0 costs, 0 mixed.
In-kind Creations for Bitcoin ETF
If you invest in the VanEck Bitcoin ETF, the Exchange proposes allowing authorized participants to create or redeem shares by delivering or receiving bitcoin instead of cash. Creations and redemptions would occur in blocks of 25,000 shares (a "Creation Basket") and purchase orders must be placed by 4:00 p.m. ET on a business day. The SEC is reviewing the proposal and is accepting comments through August 15, 2025.
In-kind Creations for Ethereum ETF
If you invest in the VanEck Ethereum ETF, the Exchange proposes allowing authorized participants to create or redeem shares by delivering or receiving ether instead of cash. Creations and redemptions would occur in blocks of 25,000 shares (a "Creation Basket") and purchase orders must be placed by 4:00 p.m. ET on a business day. The SEC is reviewing the proposal and is accepting comments through August 15, 2025.
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Key Dates
Department and Agencies
Related Federal Register Documents
2026-17183, Regulation Crypto Assets
The Securities and Exchange Commission ("Commission") is proposing new rules to create a tailored offering regime for certain investment contracts involving crypto assets. The proposed offering regime is intended to facilitate capital formation and accommodate innovation within the crypto asset markets while, at the same time, ensuring that investors are adequately protected and provided with the information they need to make informed investment decisions. The proposed rules would be set forth in a new regulation titled "Regulation Crypto Assets" and would include two exemptions from the registration requirements of section 5 of the Securities Act of 1933. The first exemption would permit offerings of up to $5 million during a four-year period. The second exemption would permit offerings of up to $75 million during each 12-month period. Under both exemptions, issuers would be required to make certain principles-based narrative disclosures available to their investors. In addition, issuers under the second exemption would be required to provide financial statements and would be subject to ongoing reporting requirements. Issuers that rely on these exemptions would remain subject to the antifraud and antimanipulation provisions of the Federal securities laws. The proposed rules also would include a conditional safe harbor from the term "investment contract" in the definitions of "security" in the Securities Act of 1933 and the Securities Exchange Act of 1934. If the conditions of that proposed safe harbor are satisfied, then a crypto asset would be deemed not to be subject to an investment contract for purposes of those definitions of "security."
2026-12163, The Trade-Through Rule and Locked and Crossed Markets Provisions of Regulation NMS
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2026-10373, Registered Offering Reform
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2026-10222, Enhancement of Emerging Growth Company Accommodations and Simplification of Filer Status for Reporting Companies
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2026-07651, Concept Release on Consolidated Audit Trail and Other Audit Trails and Data Sources
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2026-17058, Self-Regulatory Organizations; Nasdaq ISE, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the Exchange's Connectivity Schedule and Discontinue a Previously Proposed Offering
Previous / Next Documents
Previous: 2025-14031, Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of Filing of a Proposed Rule Change, as Modified by Amendment No. 1, To Amend the Rule Governing the Listing and Trading of the Fidelity Wise Origin Bitcoin Fund and the Fidelity Ethereum Fund To Permit In-Kind Creations and Redemptions
The Cboe BZX Exchange wants to update the rules for trading the Fidelity Wise Origin Bitcoin Fund and Fidelity Ethereum Fund. They’re allowing investors to create and redeem shares by exchanging the actual cryptocurrencies instead of cash, which can make trading smoother and cheaper. This change could start soon and might save money for folks investing in these funds.
Next: 2025-14033, Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of Filing of a Proposed Rule Change, as Modified by Amendment No. 1, To Amend the Rule Governing the Listing and Trading of the WisdomTree Bitcoin Fund To Permit In-Kind Creations and Redemptions
The Cboe BZX Exchange wants to change the rules for the WisdomTree Bitcoin Fund so investors can create and redeem shares using actual Bitcoin instead of cash. This update could make trading smoother and cheaper for fund participants starting soon after approval. If you’re involved with this fund, keep an eye out because this change could save money and speed up transactions.