VanEck received regulatory approval to launch its Bitcoin Strategy ETF next week

In an October 20 filing with the United States Securities and Exchange Commission (SEC), VanEck is the latest asset manager to receive approval from the agency for its Bitcoin Strategy ETF (XBTF). It is set to go live on Monday, October 25.

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Source: SEC

VanEck Bitcoin Strategy ETF will likely launch next week as crypto prices reach ATHs

VanEck received regulatory approval to launch its Bitcoin Futures ETF next week, a post-effective filing with SEC shows. The company is the latest in joining the Bitcoin-linked ETF race in the U.S. with the green light to compete with ProShares’ offering, which started trading yesterday.

The VanEck Bitcoin Strategy ETF has been given permission by the SEC to begin trading after Saturday, October 23, under the ticker “XBTF,” meaning the fund will most likely go live on Monday, October 25, the first day of market open next week.

Unlike exchange-traded funds that provide direct exposure to BTC or ETH – which the SEC has not approved – VanEck’s ETFs will provide visibility through BTC futures contracts that are settled by cash is traded on exchanges registered with the Commodity Futures Trading Commission (CFTC), synthetic investment vehicles, and other exchange-traded products.

“The Fund is an actively managed exchange-traded fund that seeks to achieve its investment objective by investing, under normal circumstances, in standardized, cash-settled bitcoin futures contracts traded on commodity exchanges registered with the CFTC, such as the Chicago Mercantile Exchange (CME),” per the filing. “The Fund does not invest in Bitcoin or other digital assets directly.”

First applying for an ETF linked to BTC futures in August, VanEck can track ProShares, which on Monday launched its Bitcoin Strategy ETF on the New York Stock Exchange (NYSE).

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