The wealth manager Vaneck will be launching its bitcoin futures exchange-traded fund (ETF) in the United States following the Proshares ETF listing that launched on Tuesday. According to the post-effective filing with the United States Securities and Exchange Commission (SEC), the launch of the Bitcoin Vaneck futures ETF is approved for listing after October 23.
Vaneck’s Bitcoin Futures ETF Is the Second US Fund to Get Approval From Regulators
This week, the Proshares Bitcoin Strategy exchange-traded fund (BITO) launched with a lot of fanfare and the ETFs volume broke records on Tuesday. The next day, bitcoin (BTC) spot markets smashed an absolute price (ATH) to $ 67,017 per unit. Additionally, the wealth manager Vaneck published its bitcoin futures ETF post-effective filing on Wednesday which indicates that the SEC has green-lighted the listing on NYSE Arca.
The Vaneck Bitcoin Strategy ETF ticker will be “XBTF” and the fund will benefit from cash settled bitcoin futures contracts. The Vaneck ETF summary details that the fund “does not invest in bitcoin or other digital assets directly.” After the post-effective filing was released, Nate Geraci, ETF Institute co-founder tweeted about the approval. “Vaneck [is] join the bitcoin futures ETF party next week ”, Geraci noted.
The Vaneck approval follows the phenomenal market performance Proshares Bitcoin Strategy exchange-traded fund (BITO) saw on Tuesday. Eric Balchunas, Senior ETF Analyst at Bloomberg Explain Wednesday that BITO is already “in the top 30% of ETFs by asset and almost blocked to exceed my 750 million dollars by the end of the week”.
Vaneck’s Decision to Apply for Bitcoin Futures ETF Followed Gary Gensler’s statements Concerning Futures-Based Funds
Vaneck decided to apply for the Bitcoin Strategy ETF on August 10, following SEC chairman Gary Gensler’s statements that week. At that time Gensler said he was anxiously awaiting regulators to review ETFs that are particularly associated with bitcoin futures, he mentioned that the 1940 U.S. Investment Firm Act was perhaps sufficient. for regulation.
Gary Gensler also spoke about the approval of the Proshares bitcoin ETF during an interview with CNBC Tuesday and he said: “Bitcoin futures have been overseen by our sibling agency, the Commodity Futures Trading Commission [CFTC], which I was once honored and proud to serve there and that’s been four years.”
The approvals of the Proshares and Vaneck bitcoin futures ETFs mark a milestone for bitcoin-related exchange-traded funds in the United States. For the first time, U.S. investors can participate in an ETF that has some ties to the leading crypto asset bitcoin (BTC).
The United States, however, is not the first North American ETFs to be approved, as Canada has approved a few bitcoin-related ETFs in the past 12 months. While October 23 is a Saturday, the community expects the Vaneck bitcoin futures ETF to list the following Monday on October 25.
