VanEck to launch Bitcoin futures ETF on October 25 after SEC approval

By: Ali Raza
Ali Raza
Ali plays a key role in the cryptocurrency news team. He loves travelling during his spare time and enjoys… read more.
on Oct 21, 2021
  • VanEck has received the approval of the SEC to launch a Bitcoin futures ETF.
  • This fund will be the second one to get the SEC’s approval, following the debut of ProShares futures ETF.
  • VanEck will start trading under the ticker symbol $XBTF.

Firms in the United States are rushing to meet the necessary requirements to get approval for a Bitcoin futures exchange-traded fund. After the ProShares Bitcoin Strategy ETF was approved this week, it seems like VanEck could be the second firm to launch such a product.

VanEck gets SEC approval

VanEck has received the Securities and Exchange Commission approval to launch a Bitcoin futures exchange-traded fund (ETF). A filing with the regulator shows that this fund will be launched next week.

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VanEck is joining other firms that are racing to get regulatory approval to launch a Bitcoin futures-based ETF. Once this fund is approved, it will compete with the ProShares Bitcoin Strategy ETF approved earlier this week.

The details show that the regulator has approved for this fund to start trading after the trading sessions on October 23, showing that the most likely date for it to start trading is October 25.

VanEck could be the second or third firm to launch a Bitcoin futures ETF in the US. An earlier report by an ETF analyst with Bloomberg had stated that the Valkyrie Bitcoin futures ETF would be approved on Friday, October 22. Whichever of the two firms gets to trade first will face tough competition from the ProShares ETF that is making major gains.

Major bullish signal

The ProShares Bitcoin Strategy ETF has received overwhelming support from the market. During the first day of trading, the fund hauled $1 billion in trading volumes, making it the second-largest most traded fund on the first day.

Besides, the ETF also saw a 4.9% gain in value. At the start of the trading session, the ETF was valued at around $40, but this surged to $41.94 by the close of the market.

News of these ETFs has been a bullish sign for Bitcoin, with the primary cryptocurrency creating new all-time highs. Yesterday, Bitcoin (BTC/USD) reached a record high of $67,000, and it is trading at around $64,700 at the time of writing. The approval of the Valkyrie and the VanEck futures-based ETFs is also expected to contribute to more bullish gains for this cryptocurrency.

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