The US Securities and Exchange Commission (SEC) has approved the application to launch a Bitcoin futures ETF from asset manager VanEck. The approval comes into effect on October 23, with trading scheduled to begin on Monday, October 25.
As in the case of the Bitcoin Strategy ETF from ProShares, launched last Tuesday, the underlying asset of the structure will be Bitcoin futures on the Chicago Mercantile Exchange.
The fund’s shares will be traded under the ticker XBTF on the Cboe BZX platform. The company will charge a management fee of 0.65%, which is less than the 0.95% ProShares product.
VanEck is still waiting for a decision on its other application to launch a spot Bitcoin ETF. The regulator must give an answer by November 14, 2021.
Another company that has received theSEC approval to launch an exchange-traded fund based on Bitcoin futures is Valkyrie Investments.
The Valkyrie Bitcoin Strategy ETF will start trading on Friday, October 22 under the ticker BTF. The company originally wanted to assign the asset the ticker BFTD, an acronym often used by crypto enthusiasts on Twitter.