Asset manager VanEck’s bitcoin-futures exchange-traded fund will start trading on Cboe’s exchange with the ticker symbol XBTF.
VanEck plans to launch its Bitcoin futures-based exchange-traded fund after the U.S. Securities and Exchange Commission rejected its request to approve a BTC spot ETF. The Bitcoin futures ETF will launch on Tuesday, the firm said on its official website.
The Bitcoin futures ETF will be launched under the ticker “XBTF” on the Chicago Board Options Exchange (CBOE). For new ETP (exchange-traded products) issues, CBOE conducts a single New Issue Auction to open trading at approximately 9:30 a.m. ET.
According to the statement, State Street will provide services such as ETF basket management, ETF stock custody, cash accounting and orders. “Physically backed” Bitcoin ETFs continue to be an important goal for investors as investors build their digital asset portfolio, Kyle DaCruz, director of digital asset products at VanEck, said in a statement. We are very pleased to be able to provide you with important tools.
SEC Chairman Gary Gensler first said during a virtual forum in August that his agency would prefer ETFs filed under the Investment Company Act of 1940 that were limited to bitcoin futures contracts. The SEC’s decision to deny VanEck’s filing therefore did not come as a surprise to many industry professionals.
“It’s no secret that we as a firm feel that a physical spot product is a superior product, and so we thought we would see that through,” Kyle DaCruz, VanEck’s director of digital assets product, told Blockworks. “Once we received the SEC’s decision, we decided to bring to market the futures-based product so at least investors have a tool now to access bitcoin through a regulated exchange-traded fund.”
VanEck is still waiting on the SEC to approve or reject the ethereum-based ETF that it filed in May. The company could not be reached for comment when contacted by Insider.
