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The VanEck Bitcoin ETF will be the first ever publicly traded bitcoin futures contract, allowing investors to speculate on the price of BTC without having to buy a whole coin. While this may boost crypto prices, it could also introduce volatility and make trading more difficult for individual traders.
The “bitcoin etfs” is a new type of investment that will be available to investors on the CBOE. The ETF will offer exposure to bitcoin and other cryptocurrencies.
VanEck, one of the first asset managers in the United States to register for a Bitcoin (BTC) exchange-traded fund (ETF), is launching its Bitcoin futures ETF today.
VanEck’s Bitcoin Strategy ETF will begin trading on the Chicago Board Options Exchange (CBOE) on November 16 under the ticker code XBTF, according to an official announcement from the CBOE.
VanEck’s new ETF joins an increasing number of BTC futures-based ETFs established in the US, including ProShares’ Bitcoin Strategy ETF, which debuted on the New York Stock Exchange on Oct. 19 as the first Bitcoin futures ETF. In late October, Valkyrie’s Bitcoin Strategy ETF began trading on Nasdaq under the BTF ticker.
The CBOE’s listing of XBTF comes only days after the US Securities and Exchange Commission (SEC) rejected VanEck’s proposal for a spot Bitcoin ETF. The Securities and Exchange Commission said that the proposed rule change to list the ETF did not fulfill requirements to “avoid fraudulent and deceptive activities and practices” or “protect investors and the public interest.”
VanEck is a U.S. asset management that specializes in theme and gold-based ETFs and Mutual Funds. It was founded in 1955. In the crypto community, VanEck is known for being one of the first U.S. firms to file for a Bitcoin futures ETF. Since then, the business has filed additional BTC ETF applications with the SEC, but has only succeeded in getting its futures ETF authorized.
VanEck did not immediately react to a request for comment from Cointelegraph.
ProShares Bitcoin futures fund is in the top 2% of all ETFs in terms of volume
SEC head Gary Gensler earlier stated that the SEC might be more receptive to adopting ETFs based on cryptocurrency futures rather than direct exposure, as reported by Cointelegraph.
However, other firms, like as Bitwise Asset Management, remain optimistic about the prospect of a pure Bitcoin ETF, with the business even opting to withdraw its futures ETF application last week. “A spot Bitcoin ETF is what many investors want in the end.” That is something we believe is doable. “As a result, Bitwise will continue to pursue that aim, and we will seek for additional methods to enable investors get access to the amazing potential in crypto,” said Matt Hougan, Bitwise’s chief investment officer.
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