VanEck Gets the SEC's Approval to Release a Bitcoin ETF

by in Cryptocurrency News

Vaneck Bitcoin etf approved

Major international investment company VanEck is going to release its Bitcoin futures ETF on Oct. 25.

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The US SEC validated the company's filing to release the product after Oct. 23.

VanEck's ETF will go live on the Cboe BZX under the ticker XBTF. It will allow investments in cash-settled derivatives. VanEck filed for a BTC ETF back in 2017. Then the SEC denied the request, noting that the underlying instrument, in which the fund intended to invest was’t allowed.

The company withdrew its request in 2018, and submitted another one in September 2019, and later withdrew that one too.

In January 2021, VanEck applied for a BTC futures ETF. A few months later, the company updated the request.

The first BTC ETF of the US, presented by ProShares, started trading on NYSE on Tuesday. The product saw high interest, with its activity volume surpassing $1 B on the 1st day of release.

Bitcoin ETFs launch boosted the price of the coin. On October 20, the BTC price reached a record high of $66.930.

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Currently, the coin trades at around $65.000 with a market cap of over $1.2 trillion. Its market dominance index is 46.5%.