VanEck looks to be second issuer to list a bitcoin futures-based ETF


VanEck will likely follow ProShares as the second issuer to list a bitcoin futures-based exchange-traded fund (ETF), according to a new filing with the Securities and Exchange Commission (SEC).

The issuer filed a post-effective amendment today proposing to list its Bitcoin Strategy ETF on Cboe BZX Exchange with an effective registration date of October 23. This means the offering would list "as soon as practicable" after becoming effective on the 23rd, according to the filing. It plans to list under the ticker $XBTF. 

The lead-up to the ProShares approval saw a similar process, in which the issuer filed a post-effective amendment prospectus stating its intention to list on Oct. 18. An October 18 document then stated the fund would list the following day.  

Like ProShares, VanEck's fund will invest in bitcoin futures traded on exchanges registered with the Commodity Futures Trading Commission (CFTC). 

ProShares' opening day on the New York Stock Exchange saw considerable success. Volumes neared $1 billion on the inaugural day, with most of the action seeming to come from retail trades. 

VanEck may have gotten an unofficial nod to move ahead with its futures product, but it's still waiting for the SEC to follow up on its spot submission. It is the furthest along in the application cycle for a spot bitcoin ETF, though the SEC continued to punt its decision down the line. It's now expecting an answer on its offering November 14. 

Trending Stories

Get Your Crypto
Daily Brief

Delivered daily, straight to your inbox.

Will Sanctions Drive Russia into the Arms of Cryptocurrencies?

From the removal of many Russian banks from SWIFT to a seemingly constant flow of new sanctions, Russia’s invasion of Ukraine has left many to wonder: Is the country likely to lurch towards cryptocurrencies? And if so, what does this mean for businesses that are holding and/or using crypto? Crypto and sanctions evasion Although crypto […]
Read Full Story
Sponsored Post

Layer-2 Scaling Solutions: A Framework for Comparison - Commissioned by Polygon

Ethereum had a breakout year in 2021. It’s native asset, ETH’s, market capitalization surpassed $500 billion for the first time. Its network facilitated upwards of $7 trillion value transfer. Non-fungible tokens (NFTs) emerged as another “killer application” that have put its technology on the global stage and caught the attention of the masses.
Read Full Story
May 5, 2022, 3:17PM UTC