Clifford Chance acts as counsel to VanEck on pioneering bitcoin ETF

Global law firm Clifford Chance acted as counsel to Van Eck Digital Assets LLC (together with its affiliates, VanEck), on the registration and launch of the first spot bitcoin exchange-traded funds (ETFs) in the United States, which on January 10, 2024 received approval from the U.S. Securities and Exchange Commission (SEC) to list the shares for trading.

The ETF VanEck Bitcoin Trust offers investors access to the market for bitcoin, the most widely recognized cryptocurrency, by issuing shares backed by bitcoin held by the Trust’s custodian. The VanEck Bitcoin Trust trades on the NASDAQ under the ticker symbol “HODL”.

Partner Cliff Cone said, “These first bitcoin spot ETFs to publicly trade on US securities exchanges represent a watershed moment for the industry and the US capital markets.”

A total of 11 bitcoin ETFs were approved for listing by the SEC.

The team was led by partner Cliff Cone, with support from partners Jason Myers, Avrohom Gelber, Megan Gordon, Paul Koppel, counsel Tae Ho Cho and Jamal El Hindi, senior associate Jesse Overall, and associates Jason Sacks, Etherial Edetan, Kimara Davis, Sara Brown, Saul Esses, and Lillian Pang.