VanEck looks to be second issuer to list a bitcoin futures-based ETF

Oct 20, 2021 | The Block News | 0 comments


VanEck will likely follow ProShares as the second issuer to list a bitcoin futures-based exchange-traded fund (ETF), according to a new filing with the Securities and Exchange Commission (SEC).

The issuer filed a post-effective amendment today proposing to list its Bitcoin Strategy ETF on Cboe BZX Exchange with an effective registration date of October 23. This means the offering would list “as soon as practicable” after becoming effective on the 23rd, according to the filing. It plans to list under the ticker $XBTF. 

The lead-up to the ProShares approval saw a similar process, in which the issuer filed a post-effective amendment prospectus stating its intention to list on Oct. 18. An October 18 document then stated the fund would list the following day.  

Like ProShares, VanEck’s fund will invest in bitcoin futures traded on exchanges registered with the Commodity Futures Trading Commission (CFTC). 

ProShares’ opening day on the New York Stock Exchange saw considerable success. Volumes neared $1 billion on the inaugural day, with most of the action seeming to come from retail trades. 

VanEck may have gotten an unofficial nod to move ahead with its futures product, but it’s still waiting for the SEC to follow up on its spot submission. It is the furthest along in the application cycle for a spot bitcoin ETF, though the SEC continued to punt its decision down the line. It’s now expecting an answer on its offering November 14. 

© 2021 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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