VanEck, one of the first asset managers in the United States to file for a Bitcoin (BTC) exchange-traded fund (ETF), is launching its Bitcoin futures ETF today. The ETF will begin trading on the Chicago Board Options Exchange (CBOE) on Tuesday
The Story Behind VanEck’s Bitcoin Strategy ETF
VanEck, one of the first asset managers in the United States to file 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 Tuesday under the ticker number 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 United States, including the 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 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 standards to “avoid fraudulent and deceptive activities and practices” or “protect investors and the public interest.”
Who is VanEck?
VanEck is a U.S. asset management company that specializes in theme and gold-based ETFs and mutual funds. It was founded in 1955. In the crypto sector, VanEck is notable for being one of the first U.S. firms to file for a Bitcoin futures ETF. Since then, the firm has filed additional BTC ETF applications with the SEC but has only succeeded in getting its futures ETF approved.
VanEck did not immediately react to a request for comment from Cointelegraph.
SEC Chair Gary Gensler earlier stated that the SEC might be more receptive to adopting ETFs based on cryptocurrency futures rather than direct exposure.
However, some firms, like Bitwise Asset Management, remain optimistic about the prospect of a pure Bitcoin ETF, with the firm 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 possible.
”As a result, Bitwise will continue to pursue that aim, and we will seek additional ways to enable investors to gain access to the amazing potential in crypto,” said Matt Hougan, Bitwise’s chief investment officer.
