VanEck gets SEC approval and announces launch date for Bitcoin futures ETF
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Answer VanEck gets SEC approval and announces launch date for Bitcoin futures ETF
Global investment firm VanEck is set to launch a bitcoin futures trading fund (ETF) next week, shortly after ProShares received the green light from the SEC to launch its first bitcoin ETF.
According to a subsequent filing on Wednesday from the Securities and Exchange Commission (SEC), VanEck revealed that it has received approval from the SEC and is now fully authorized to launch a Bitcoin futures ETF next week, after October 23.
VanEck first applied for a bitcoin futures ETF in August.
The fund will offer exposure to bitcoin through futures contracts and begin as soon as practicable, which could be as early as Monday morning.
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From the statement of deposit:
The Fund is an Exchange Actively Managed Fund (ETF) that seeks to achieve its objective by investing, under normal circumstances, in standardized cash-settled Bitcoin futures (Bitcoin futures) traded on commodity exchanges registered with the CFTC ).
VanEck has now joined forces with ProShares, which in the past hours launched the first Bitcoin ETF in the US backed by Bitcoin futures.
ProShare highlighted the appetite of institutional investors for the Bitcoin futures ETF.
The new product saw a whopping $1 billion in trading volume on Tuesday.
BITO stock made history by recording the second best day by volume for an ETF on the first day of trading.
SEC Chairman Gary Gensler approved the ProShares ETF as the fund complied with SEC’s investor protection policies, adding that the SEC is welcome to innovate technology without neglecting investor protection.
Just one day after the launch of the ProShares ETF, the bitcoin price broke the record high of $64,000 in April, reaching a new record high above $67,000.
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Digital asset management firm Grayscale has also submitted a request to convert the Bitcoin Trust into a publicly traded Bitcoin ETF.
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SEC Chairman Explains Why Approval of First Bitcoin Futures ETF
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