VanEck recently witnessed its filing for approval with the SEC for a spot BTC ETF getting torn to shreds by the monetary authority. As a result, the firm is now ready with another significant announcement. According to a notice, the firm is ready to launch its first Bitcoin futures ETF next week.
VanEck won SEC’s approval for the Bitcoin futures ETF in late October and is now ready to launch it next week on the Chicago-based CBOE Exchange. The firm was unable to present any substantial backing to its Bitcoin spot ETF proposal and, as a result, switched to a futures ETF.
On Tuesday, the launch will take place under the ticker, “XBTF” ‘with a new-issue auction to open trading around 9:30 a.m. ET followed by dissemination of index data.’
VanEck Bitcoin futures ETF
As reported by TheCoinRise, the SEC approved the first Bitcoin futures ETF last month, sending Bitcoin prices soaring high. However, this was just a start for a number of other ETFs to follow. The ProShares BITO ETF debuted with a recording influx of capital and a volume of around $1 billion. Similar outcomes can be expected with the VanEck Bitcoin ETF.
While this influx of money was expected, a much higher can be expected from a Bitcoin-based ETF as it would directly reflect the price of the world’s biggest cryptocurrency. Currently, the SEC is not ready to sit at the table and discuss a direct Bitcoin spot ETF. However, if approved, a spot ETF will definitely send Bitcoin to the moon due to a huge inflow of capital from industry giants.
Although the VanEck futures ETF was approved way back in October, the firm hasn’t commented as to why the release wasn’t declared earlier. It seems that the rejection of the spot ETF has accelerated the firm’s decision to accelerate the XBTF release.
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