Will launch its Bitcoin Futures ETF next week

Will launch its Bitcoin Futures ETF next week

Global investment manager VanEck will launch a Bitcoin futures exchange-traded fund (ETF) next week, shortly after ProShares received the SEC's green light to launch its first BTC ETF.

From Wednesday after entry into force submission With the Securities and Exchange Commission (SEC), VanEck announced that it has received SEC approval and is now fully authorized to launch its BTC fund next week after October 23, Saturday. VanEck first applied for the BTC futures ETF in August. The fund will offer exposure to Bitcoin via futures contracts and would begin “as soon as possible,” which could be as early as Monday morning.

“The Fund is an actively managed exchange-traded fund (“ETF”) that seeks to achieve its investment objective by investing, under normal circumstances, in standardized, cash-settled Bitcoin futures contracts (“Bitcoin Futures”) traded on registered commodity exchanges with the Commodity Futures Trading Commission (“CFTC”),” the filing noted.

VanEck now joins ProShares, which yesterday launched the first Bitcoin strategy futures-backed ETF in the US, ticked BITO. ETF from ProShare has highlighted the appetite of institutional investors for a fund linked to Bitcoin Futures. The new asset recorded a massive trading volume of $1 billion on Tuesday. BITO made history by recording the second-best trading day for an ETF on its first day of trading. HowCryptoPotato reported, SEC Chairman Gary Gensler approved ProShares' ETF because the fund complied with the SEC's investor protection guidelines, adding that the SEC "welcomes technological innovation without neglecting investor protection." Just a day after ProShares BTC ETF went live, Bitcoin price rose Broke above the $64,000 mark in April and reached a new ATH of over $67,000. Digital asset manager Grayscale also filed Convert convert their Bitcoin Trust into a publicly traded Bitcoin spot ETF. .