VanEck, one of many first United States-based asset managers to file for a Bitcoin (BTC) exchange-traded fund (ETF), is lastly launching its Bitcoin futures ETF.
Based on an official notice by the Chicago Board Choices Alternate (CBOE), VanEck’s Bitcoin Technique ETF will begin buying and selling on CBOE beneath the ticker image XBTF on Nov. 16.
VanEck’s new ETF is becoming a member of the rising variety of BTC futures-based ETFs launched in the US, together with ProShares’ Bitcoin Technique ETF, which turned the primary Bitcoin futures ETF to begin buying and selling on the New York Inventory Alternate on Oct. 19. Valkyrie’s Bitcoin Technique ETF began buying and selling on Nasdaq beneath the BTF ticker in late October.
CBOE’s itemizing of XBTF comes simply a few days after the US Securities and Alternate Fee (SEC) formally rejected VanEck’s spot Bitcoin ETF software. The SEC argued that the proposed rule change to record the ETF didn’t meet requirements to “stop fraudulent and manipulative acts and practices” or “defend buyers and the general public curiosity.”
Launched again in 1955, VanEck is a U.S. asset supervisor specializing in thematic and gold-based ETFs and Mutual Funds. VanEck is thought within the crypto neighborhood as one of many first U.S. corporations to ever file for a Bitcoin futures ETF. The agency has submitted a number of BTC ETF filings with the SEC since then however has solely managed to get its futures ETF accredited to this point.
VanEck didn’t instantly reply to Cointelegraph’s request for remark.
ProShares Bitcoin futures fund in prime 2% of all ETFs for quantity
As beforehand reported by Cointelegraph, SEC chair Gary Gensler beforehand hinted that the SEC could be extra open to accepting ETFs primarily based on cryptocurrency futures relatively than by means of direct publicity.
Nevertheless, some corporations like Bitwise Asset Administration stay bullish on a possible pure Bitcoin ETF, with the agency even deciding to drop its futures ETF submitting final week. “Finally, what many buyers need is a spot Bitcoin ETF. We expect that’s attainable. So Bitwise will proceed to pursue that objective, and we are going to search for different methods to assist buyers get entry to the unbelievable alternatives in crypto,” Bitwise chief funding officer Matt Hougan mentioned.
