VanEck Receives SEC Approval: Will Launch Its Bitcoin Futures ETF Next Week
20 Oct, 2021•2 min read•Regulation
Global investment manager VanEck is set to launch a bitcoin futures exchange-traded fund (ETF) next week, shortly after ProShares got the SEC’s green light to launch the first BTC ETF.
“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 commodity exchanges registered with the Commodity Futures Trading Commission (‘CFTC’)” — the filing noted. VanEck now joins ProShares, which launched the US first Bitcoin Strategy futures-backed ETF yesterday, ticked BITO. ProShare’s ETF has highlighted the appetite of institutional investors for a Bitcoin Futures-linked fund. The new asset saw an enormous amount of $1 billion in trading volume on Tuesday. BITO made history by recording the second-best day in volume for an ETF on its first day of trading. As CryptoPotato reported, SEC Chairman Gary Gensler approved ProShares’s ETF as the fund complied with the SEC’s investor protection policies, adding that the SEC is “welcome to technological innovation without neglecting investors protection.” Just a day after ProShares BTC ETF went live, the bitcoin price broke above April’s $64k barrier, reaching a new ATH surpassing $67K. Digital assets manager Grayscale also filed to convert their Bitcoin Trust into a publicly-traded Bitcoin spot ETF.