THELOGICALINDIAN - Another Bitcoin futures ETF has been accustomed but there is still no assurance of a atom ETF approval on the horizon
The latest Bitcoin futures exchange-traded armamentarium (ETF) from VanEck is set to go alive on the Cboe BZX Exchange on Nov. 16.
VanEck’s Bitcoin Futures ETF To Be Listed Tomorrow
VanEck’s Bitcoin-based futures ETF will hit the U.S. bazaar this week.
The product—VanEck Bitcoin Strategy ETF—will be listed beneath the ticker attribute “XBTF” on the Cboe BZX Exchange this Tuesday. This comes a few canicule afterwards the U.S. Securities and Exchange Commission had denied VanEck’s advertisement appeal for a atom ETF, a trading artefact angry to the absolute amount of Bitcoin.
VanEck was the aboriginal U.S. asset administrator to book a appeal for a Bitcoin ETF. After years of bounce from the SEC, the close has assuredly been able to get approval. VanEck offers a total of 59 ETF articles with absolute assets beneath administration admired at $64.70 billion.
It joins two added notable asset managers—ProShares and Valkyrie—whose futures-backed ETFs are already accessible for trading beyond U.S. exchanges.
The contempo availability of Bitcoin ETFs has been alleged a above watershed moment by both crypto enthusiasts and institutional asset managers alike. These ETFs accept fabricated it easier for investors to accretion Bitcoin acknowledgment after the charge for asset custody. The actualization of these ETFs ancillary with Bitcoin’s Taproot advancement has acceptable helped ammunition the abiding assemblage apparent in the top crypto asset back October.
However, an ETF artefact backed by absolute Bitcoin amount rather than futures affairs is yet to be accustomed in the U.S. Last Friday, VanEck’s appeal to account a atom ETF was rejected by the U.S. Securities and Exchange Commission, which cited apropos over broker protection. Another leveraged ETF filed by Valkyrie was additionally dismissed.
The SEC’s risk-based appraisal suggests that futures-based ETFs are added acceptable to be advantaged by the regulator over atom products. Analysts accept additionally advised the achievability that the aboriginal futures-based Ethereum ETF may be accustomed in the aboriginal bisected of 2022.
Disclosure: At the time of writing, the columnist of this allotment endemic ETH and several added cryptocurrencies.
