When it comes to ETF tickers, some applicants have gone with more traditional options, but VanEck is taking a stand for crypto.
In their filings to the U.S. Securities and Exchange Commission (SEC), asset managers Fidelity and VanEck have revealed the tickers for their spot Bitcoin (BTC) ETFs. In an amended filing with the SEC, VanEck identified the ticker “HODL” for their Bitcoin ETF.
Several of VanEck’s competitors have used the “BTC” sign in their tickers; thus, the company’s decision to use the HODL symbol stands apart. In comparison, Invesco and BlackRock opted for more conventional tickers like ‘BTCO’ and ‘IBTC,’ while Grayscale is anticipated to keep the ‘GBTC’ moniker for its Bitcoin Trust.
A popular acronym among cryptocurrency investors, “HODL” stands for “hold on to what you have” and describes the technique of holding onto digital assets despite extreme market fluctuations. A faux-typo play on the word “hold,” it is typically stated as an abbreviation meaning “hold on for dear life.”
In an attempt to differentiate itself from critics and appeal to individual investors, market watchers have speculated that VanEck may have made this decision. The head of the ETF shop, Nate Geraci, stated:
“The retail industry’s crypto-savvy customers will like the ticker. Since boomers won’t understand it, they won’t draw criticism when advisers make claims about it (plus, many advisors advocate “HODL” in other asset classes anyway).”
On the other side, the official X account of VanEck made a brief comment that said the ticker was “for the culture.”
On December 7, Fidelity’s ticker symbol ‘FBTC’ was added to the list of applicants whose tickers have been displayed on the US Depository Trust and Clearing Corporation (DTCC) website, joining BlackRock and Invesco.
Senior analyst at Bloomberg Eric Balchunas characterized Fidelity’s ticker as “yet another tedious-on-purpose option designed for the Boomerati.” Fidelity is one of the largest asset managers globally, managing assets worth more than $4 trillion.
The DTCC handles daily securities transactions worth billions of dollars on a global scale, making it a notable post-trade settlement institution. However, as a spokeswoman previously stated, the presence of these tickers on DTCC’s website does not imply approval from the SEC.
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