The Securities and Exchange Commission, or SEC, is anticipated to approve asset management VanEck’s Bitcoin Strategy exchange-traded fund (ETF) on Monday, with trading to begin on Tuesday, the asset manager could be the first to follow ProShares.
VanEck said in a filing with the Securities and Exchange Commission on Wednesday that the public offering of its Bitcoin (BTC) Strategy ETF, which provides exposure to the crypto asset through futures contracts, would begin “as soon as practicable” after the filing’s effective date, which is Saturday. This means that the company’s stock could be listed on a stock exchange as soon as Monday.
VanEck’s ETF would provide exposure to BTC and Ether (ETH) through cash-settled BTC future contracts traded on exchanges registered with the Commodity Futures Trading Commission, pooled investment vehicles, and other exchange-traded products, unlike exchange-traded funds that offer direct exposure to BTC or Ether (ETH), which the SEC has not approved.
VanEck may follow ProShares, which launched its Bitcoin Strategy ETF on the New York Stock Exchange on Monday, after first applying for the BTC futures-linked ETF in August.
The possibility of a VanEck ETF listing comes as the prices of bitcoin and ether have reached new all-time highs. BTC and ETH are currently trading at $65,955 and $4,003, respectively, according to Cointelegraph Markets Pro statistics.
The whole crypto market value has also achieved a record high of around $2.63 trillion, largely due to Bitcoin’s price rise.