In an updated application to launch an exchange-traded fund (ETF) based on the spot price of Bitcoin, asset manager VanEck listed the HODL meme as the product ticker.
This filing reveals their ticker for what I think is the first time. It’ll be $HODL. pic.twitter.com/RzAoBEVgV1
— James Seyffart (@JSeyff) December 8, 2023
The term, popular in the crypto community, was born from a typo by Bitcointalk user under the nickname GameKyuubi. In December 2013, against the backdrop of another drawdown in the price of the first cryptocurrency, he wrote that he continued to hold the digital asset, but misspelled the word holding. As GameKyuubi explained then, he did not consider himself a competent trader and simply bet on long-term growth.
Subsequently, HODL received a new iteration in the cryptocurrency ecosystem, turning into an acronym that stands for Hold On for Dear Life (hold with all your might).
Bloomberg ETF analyst Eric Balchunas assessed VanEck's move. According to the expert, the ticker will attract the attention of young crypto investors against the backdrop of “boring boomer options from BlackRock, Invesco and Fidelity.”. In addition, the company has a developed retail base, unlike its competitors, the expert added.
ETF Store President Nate Geraci agreed with his opinion:
«I like this game. For retail traders familiar with the crypto industry, the ticker will appeal. Boomers have no idea what it means, so there will be no negative attention to statements from advisors who preach HODL regarding other asset classes anyway. Not a bad doubling down.”
I like this play…
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).
Good straddle here.
— Nate Geraci (@NateGeraci) December 8, 2023
VanEck also did not leave its decision without comment:
“Our Bitcoin ETF will capture all the baby boomers' billions (if approved).”
My #Bitcoin ETF* will bring all the
baby boomers to the yard.🥛
*If it's approved.
— VanEck (@vaneck_us) December 4, 2023
Let us remind you that the US Securities and Exchange Commission has moved to the stage of discussing technical details with potential issuers of spot Bitcoin ETFs, according to the media.
How will the adoption of a spot ETF affect the price of Bitcoin?