SEC Approves VanEck’s Bitcoin Futures ETF – Set To Launch Next Week
Investment firm VanEck has received Bitcoin futures ETF approval from the SEC, and will soon join ProShares to become the second firm offering BTC ETF. The expected launch date for VanEck BTC ETF is set for next week.
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.
According to Wednesday post-effective filing with the Securities and Exchange Commission (SEC), VanEck revealed it had secured approval from the SEC, and it’s now fully authorized to launch its BTC fund next week, after October 23, Saturday.
VanEck first applied for the BTC futures ETF back in August. The ETF will offer exposure to bitcoin through futures contracts and would begin “as soon as practicable,” which could technically be as early as Monday morning.
According to the filing:
“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’)”
VanEck is now the second company with BTC ETF approval from SEC. The first was ProShares, which launched the US first Bitcoin Strategy futures-backed ETF yesterday, with a ticker ‘BITO’.
ProShare’s ETF has revealed the appetite of institutional investors for a Bitcoin Futures-linked fund. The new asset and had an impressive $1 billion trading volume on Tuesday. BITO made history by recording the second-best day in volume for an ETF on its first day of trading.
Gary Gensler, the SEC Chairman approved ProShares’s ETF as the fund complied with the SEC’s investor protection policies, adding that the SEC wants to “welcome to technological innovation without neglecting investors protection.”
Just a day after ProShares BTC ETF went live, the bitcoin price recorded a new all-time high (ATH) of close to $67,000 passing the previous record high of $64,000 from April this year.
