VanEck to Launch Bitcoin Futures ETF ‘XBTF’ Next Week After SEC Rejects Spot Offering

VanEck to Launch Bitcoin Futures ETF ‘XBTF’ Next Week After SEC Rejects Spot Offering

The funding agency VanEck’s bitcoin futures exchange-traded fund (ETF) is about to debut on the Chicago-based CBOE trade subsequent week, going stay after delays since successful SEC approval in late October.

The CBOE mentioned in a notice on its web site that the brand new VanEck Bitcoin Strategy Fund will begin buying and selling underneath the ticker image “XBTF” on Tuesday, with a new-issue public sale to open buying and selling round 9:30 a.m. ET adopted by dissemination of index information.

The launch date announcement comes simply after the U.S. Securities and Exchange Commission (SEC) late final week rejected VanEck’s proposal for a “spot bitcoin ETF” – one which invests straight in bitcoin reasonably than the futures contracts. The company had beforehand delayed its ultimate choice on the proposal in September.

  • The VanEck ETF going stay subsequent week would be a part of a rising roster of bitcoin futures-based ETFs launched over the previous month following years of denials and deferrals by the SEC for a bitcoin ETF designed to observe the cryptocurrency’s value. Some business commentators have famous that an ETF backed straight by bitcoin would extra intently observe the cryptocurrency’s value than one backed by bitcoin futures.
  • In October, the SEC greenlit the ProShares Bitcoin Strategy ETF (inventory ticker BITO), which subsequently listed on the New York Stock Exchange (NYSE). The fund rapidly gathered greater than $1 billion in investor belongings, the quickest ETF ever to hit the milestone.
  • Following ProShares’ a lot anticipated ETF launch, Valkyrie Investments’ bitcoin futures ETF began buying and selling on the Nasdaq a pair weeks in the past.
  • VanEck bitcoin futures ETF received SEC approval in late October and made a regulatory submitting on the time suggesting a launch date of Oct. 25, however firm officers had declined to remark since then on why the brand new fund had not but launched.
  • VanEck press officers didn’t instantly reply to a request for touch upon the CBOE buying and selling discover.

Read extra: SEC Rejects VanEck’s Spot Bitcoin ETF Proposal

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