VanEck to Launch BTC Futures ETF Tomorrow

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VanEck is finally launching a BTC exchange-traded fund (ETF) based on BTC futures after years of trying to. The mutual fund manager was one of the first in the US to file for a BTC exchange-traded fund, having submitted multiple filings to the Securities and Exchange Commission (SEC). However, it only just secured approval and will now trade under the XBTF ticker.

The Chicago Board Options Exchange (CBOE) issued a release saying that VanEck’s BTC Strategy ETF will go live on Tuesday. In addition to its BTC Strategy ETF, VanEck had also filed an application for a spot BTC ETF – albeit unsuccessfully. The Securities and Exchange Commission rejected it as it has no current plans to facilitate spot Bitcoin ETFs. Although the regulatory agency is currently reviewing spot funds, it nonetheless said VanEck’s spot ETF application was not up to prescribed standards. According to the Commission, such standards include preventing fraudulent practices and protecting investor interests.

VanEck looks set to join the ProShares Bitcoin Strategy ETF, which was launched last month in the US as the inaugural BTC futures ETF. In addition, it will also have Valkyrie’s Bitcoin Strategy ETF for company. The latter debuted on the NASDAQ under the BTF ticker in October as well, some days after ProShares’.

VanEck specializes in thematic and gold-centric mutual funds and ETFs. The asset manager came into being sixty-six years ago in 1955. 

Image Credits: Pixabay

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