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Key Takeaways
The product—VanEck Bitcoin Technique ETF—shall be listed beneath the ticker image “XBTF.”
VanEck’s Bitcoin-based exchange-traded fund (ETF) backed by futures buying and selling contracts will checklist on the Cboe BZX Change.
This launch comes shortly after the SEC denied VanEck’s request to checklist a spot ETF.
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The newest Bitcoin futures exchange-traded fund (ETF) from VanEck is about to go reside on the Cboe BZX Change on Nov. 16.
VanEck’s Bitcoin Futures ETF To Be Listed Tomorrow
VanEck’s Bitcoin-based futures ETF will hit the U.S. market this week.
The product—VanEck Bitcoin Technique ETF—shall be listed beneath the ticker image “XBTF” on the Cboe BZX Change this Tuesday. This comes a number of days after the U.S. Securities and Change Fee had denied VanEck’s itemizing request for a spot ETF, a buying and selling product tied to the precise value of Bitcoin.
VanEck was the primary U.S. asset supervisor to file a request for a Bitcoin ETF. After years of rejection from the SEC, the agency has lastly been capable of get approval. VanEck affords a complete of 59 ETF merchandise with complete belongings beneath administration valued at $64.70 billion.
It joins two different notable asset managers—ProShares and Valkyrie—whose futures-backed ETFs are already out there for buying and selling throughout U.S. exchanges.
The current availability of Bitcoin ETFs has been referred to as a significant watershed second by each crypto fans and institutional asset managers alike. These ETFs have made it simpler for traders to realize Bitcoin publicity with out the necessity for asset custody. The emergence of those ETFs coinciding with Bitcoin’s Taproot improve has possible helped gas the sustained rally seen within the high crypto asset since October.
Nonetheless, an ETF product backed by precise Bitcoin value somewhat than futures contracts is but to be permitted within the U.S. Final Friday, VanEck’s request to checklist a spot ETF was rejected by the U.S. Securities and Change Fee, which cited issues over investor safety. One other leveraged ETF filed by Valkyrie was additionally dismissed.
The SEC’s risk-based evaluation means that futures-based ETFs usually tend to be favored by the regulator over spot merchandise. Analysts have additionally thought of the likelihood that the primary futures-based Ethereum ETF could also be allowed within the first half of 2022.
Disclosure: On the time of writing, the creator of this piece owned ETH and a number of other different cryptocurrencies.
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