VanEck Receives SEC Approval: Will Launch Its Bitcoin Futures ETF Next Week

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.

As per a 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 in August. The fund will offer exposure to bitcoin through futures contracts and would begin “as soon as practicable,” which could be as early as Monday morning.

“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.
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Marla Brooks

Marla Brooks – Financial Analysis My name is Marla Brooks, and I am the mainstream behind the”observednews.com”  for the powerful and most delicate insights into the latest activities in the financial analysis category. I started my journey as an independent financial consultant. I had approximately nine years of experience in this field. I am free soul so; my passion for exploring the world has taken me to the nations across the globe and given me the chance to report for a portion of the best news associations. Currently, I am a full-time editor as experienced in finance and started to use my abilities.

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