VanEck, among the very first United States-based property supervisors to declare a Bitcoin (BTC) exchange-traded fund (ETF), is ultimately releasing its Bitcoin futures ETF.
According to a main notification by the Chicago Board Options Exchange (CBOE), VanEck’s Bitcoin Strategy ETF will certainly begin trading on CBOE under the ticker sign XBTF on Tuesday.
VanEck’s brand-new ETF is signing up with the expanding variety of BTC futures-based ETFs released in the U.S., consisting of the ProShares Bitcoin Strategy ETF, which ended up being the very first Bitcoin futures ETF to begin trading on the New York Stock Exchange on Oct. 19. Valkyrie’s Bitcoin Strategy ETF began trading on Nasdaq under the BTF ticker in late October.
CBOE’s listing of XBTF comes simply a number of days after the U.S. Securities and also Exchange Commission formally declined VanEck’s area Bitcoin ETF application. The SEC said that the suggested policy adjustment to listing the ETF did not satisfy criteria to “prevent fraudulent and manipulative acts and practices” or “protect investors and the public interest.”
Launched back in 1955, VanEck is a U.S. property supervisor focusing on thematic and also gold-based ETFs and also shared funds. VanEck is understood in the crypto area as one of the very first U.S. companies to ever before declare a Bitcoin futures ETF. The company has actually sent several BTC ETF filings with the SEC ever since yet has actually just handled to obtain its futures ETF authorized to day.
VanEck did not right away react to Cointelegraph’s ask for remark.
Related: ProShares Bitcoin futures fund in leading 2% of all ETFs for quantity
As formerly reported by Cointelegraph, SEC Chair Gary Gensler formerly hinted that the SEC would certainly be a lot more open to approving ETFs based on cryptocurrency futures instead of via straight exposure.
However, some business, such as Bitwise Asset Management, stay favorable on a possible pure Bitcoin ETF, with the company also determining to drop its futures ETF declaring recently. “Ultimately, what many investors want is a spot Bitcoin ETF. We think that’s possible. So Bitwise will continue to pursue that goal, and we will look for other ways to help investors get access to the incredible opportunities in crypto,” Bitwise primary financial investment policeman Matt Hougan stated.
