VanEck Bitcoin futures ETF to launch on CBOE on Nov. 16

VanEck is the first American-based asset manager to file for Bitcoin (BTC), exchange-traded funds (ETF). Now, VanEck has launched its Bitcoin futures ETF.

According to a Chicago Board Options Exchange (CBOE) official notice, VanEck’s Bitcoin Strategy ETF trading will begin on CBOE on Tuesday under the ticker symbol XBTF.

VanEck’s ETF joins the growing number BTC futures-based ETFs that have been launched in the U.S.A, such as the ProShares Bitcoin Strategy ETF which was the first Bitcoin futures ETF trading on the New York Stock Exchange. Valkyrie’s Bitcoin Strategy ETF began trading on Nasdaq in October under the BTF ticker.

CBOE has just listed XBTF, just a few days after VanEck’s spot Bitcoin ETF request was rejected by the U.S Securities and Exchange Commission. The SEC claimed that the proposed rule change to include the ETF didn’t meet standards to “prevent fraud and manipulative acts and practice” or to “protect investors and protect the public interest.”

VanEck was founded in 1955 and is an asset manager in the United States. It specializes in mutual funds and thematic ETFs. VanEck is a well-known crypto firm for being the first to file for a Bitcoin futures exchange traded fund. Since then, VanEck has filed multiple BTC ETF filings to the SEC but has not been able to get its futures ETF approval.

Cointelegraph did not receive a response from VanEck immediately to our request for comment.

Related: ProShares Bitcoin futures funds in the top 2% all ETFs for volume

Cointelegraph reported that Gary Gensler, the Chair of the SEC, had previously suggested that the SEC would accept ETFs based upon cryptocurrency futures and not through direct exposure.

Bitwise Asset Management is one of these companies. The firm decided to withdraw its futures ETF filing last Wednesday. A spot Bitcoin ETF is what investors really want. We believe that it is possible. Bitwise will pursue this goal and will seek other ways to help investors access the amazing opportunities in crypto,” Matt Hougan, chief investment officer at Bitwise, said.

https://cointelegraph.com/news/vaneck-bitcoin-futures-etf-to-launch-on-cboe-on-nov-16