Another bitcoin-futures ETF is slated to start trading in October
Edward Smith/Getty Images
- VanEck looks ready to launch its bitcoin-futures
ETFnext week under the ticker "XBTF," according to an SEC filing.
- VanEck's Bitcoin Strategy ETF will begin trading after October 23, suggesting the launch could be on Monday, October 25.
Asset management firm VanEck looks set next week to launch an exchange-traded fund tied to bitcoin futures, just days after ProShares debuted the first-ever such product in the public
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VanEck's Bitcoin Strategy ETF will begin trading after October 23 on the Cboe BZX Exchange, according to a company filing Wednesday with the Securities and Exchange Commission. The fund will only invest in cash-settled bitcoin futures traded on exchanges registered with the Commodity Futures Trading Commission, such as the CME Group.
The product will carry the ticker symbol "XBTF" and will begin trading "[as] soon as practicable after the effective date," of the registration statement. Since October 23 is a Saturday, that points to a potential start date of Monday, October 25.
Investors would then have another choice in a futures-based product after Tuesday's launch of the ProShares Bitcoin Strategy ETF. The "BITO" ETF invests in bitcoin futures contracts rather than the bitcoin, the world's most-traded cryptocurrency.
Meanwhile, a filing on Monday by alternative asset management firm Valkyrie indicates it's also set to soon launch its own
The new ETFs will follow a blockbuster debut by ProShares, which reportedly said its ETF brought in $570 million in assets on its launch day. It was the second-most heavily traded fund, landing turnover of nearly $1 billion with more than 24 million shares exchanged, according to Bloomberg data.
AdvertisementBitcoin on Wednesday soared to a new all-time record high of $66,930.39, according to CoinMarketCap.
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