VanEck next in line to launch Bitcoin Futures ETF
US asset management company VanEck has been given the go-ahead to list its Bitcoin futures ETF on the New York Stock Exchange. The approval makes VanEck the second company to list its BTC futures ETF after ProShares.
As per the announcement, VanEck has been allowed by the SEC to launch its ETF after the 23rd of this month. Trading will likely begin from October 25th since October 23rd is a Saturday.
The ETF will invest in “standardized, cash-settled bitcoin futures contracts traded on commodity exchanges registered with the Commodity Futures Trading Commission (’CFTC’)”, the documents submitted read on Wednesday.
The fund, registered under the ticker symbol”XBTF”, is similar to the ProShares Bitcoin Futures ETF. ProShares ‘BITO’ saw a massive opening on its debut day, raking in $280 million worth of shares trading in just 20 minutes. The fund then saw nearly $1 billion in trading volume on its first day, indicating Bitcoin hype amongst institutional investors.
On the other hand, another asset management firm Valkyrie’s filing on Monday suggested that it is set to launch its ETF as well.
With ProShares’ massive debut on the exchange, Bitcoin prices surpassed its May ATH levels by reaching nearly $67,000 on October 20 at 02:55 PM UTC. At press time, it was trading at $64,565.39 (21 October 06:30 AM UTC).
The post VanEck next in line to launch Bitcoin Futures ETF appeared first on Our Bitcoin News.
OhNoCryptocurrency via https://www.ohnocrypto.com/ @Gauri Bhatia, @Khareem Sudlow