VanEck Bitcoin futures ETF to debut tomorrow on Chicago exchange, CBOE

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VanEck Bitcoin futures ETF to debut tomorrow on Chicago exchange, CBOE By Hannah perez

The VanEck Futures ETF will launch on Tuesday, November 16; shortly after the SEC rejected the firm’s spot ETF proposal.


The exchange-traded fund (ETF) of futures Bitcoin from VanEck will be listed tomorrow on the US stock exchange Chicago Board Options Exchange (CBOE). This was announced by the firm in a press release this Monday.

VanEck today announced the anticipated launch of VanEck Bitcoin Strategy ETF (XBTF) , an actively managed ETF that seeks capital appreciation by investing in standardized, cash-settled bitcoin futures contracts. XBTF is expected to be listed on the CBOE on November 16, 2021.

The product of VanEck is promoted as the ETF linked to Bitcoin lower cost, since its net expense ratio is lower than that of the competition. It has also been structured as a C-Corp, which, according to the firm, can provide a “more efficient tax experience”For those with long-term assets.

XBTF will invest primarily in futures of bitcoins of CME, the world’s largest financial derivatives exchange. Two other ETFs based on futures Bitcoin of the CME have already been launched in the US market.

VanEck Still Hopes for a Physical Bitcoin ETF

The news about the launch of the ETF Bitcoin from VanEck comes shortly after the U.S. Securities and Exchange Commission (SEC) rejected the company’s proposal to create a fund of its kind backed by bitcoins cash.

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As i had been reviewing DailyBitcoin, the SEC extended its decision deadline as much as possible, soliciting industry comment and continually pushing the date forward, before finally denying the financial product proposal of VanEck In the past week. The verdict placed the ETF proposal Bitcoin physical of VanEck among the first to receive a response from the regulator.

Digital currency enthusiasts are still waiting for the launch of the first ETF of Bitcoin physical in the US, although the country’s regulatory body has been reluctant to accept such a fund.

The president of the SEC You have previously said that you are more interested in reviewing requests for products supported by futures from bitcoins. In particular, it has highlighted those ETFs that seek to register under the higher investor protection standards of the Investment Companies Act of 1940, rather than the Disclosure-focused Act of 1933, under which most product offerings at counted, including that of VanEck, they proposed to be regulated.

VanEck was the first asset manager to apply to launch a product traded on the futures market of Bitcoin. However, despite the approval of a futures ETF, Kyle DaCruz, director of digital assets products at VanEck, said the spot ETF remains the last hope.

While a ‘physically backed’ bitcoin ETF remains a key goal, we are excited to provide investors with this important tool as they build their portfolios of digital assets.

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Sources: BusinessWire, The Block, file

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Hannah Estefanía Pérez’s version / DailyBitcoin

Image from Unsplash

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