Could be another step for their Bitcoin ETF approval? Or are they anticipating a rejection on October that's why they go ahead with this one? Or they wanted to join the bandwagon because Bakkt starts accepting warehouse deposits?
they're anticipating rejection. they know damn well an ETF won't be approved which is why they're now scrambling to offer an "ETF-like" product.
this is 100% about the launch of BAKKT later this month---they don't want to give them the first mover advantage. when the push to create an ETF started a couple years ago, i think vaneck truly believed they would be the first legacy giant to reach the institutional market. they're seeing that opportunity slip away.
