VanEck Will Bring A Second Bitcoin ETF To Market Next Week

VanEck is preparing to list a Bitcoin futures ETF shortly. It is the second bitcoin-linked ETF to begin trading in the U.S. following ProShares’ debut two days ago. These trading vehicles have allowed Bitcoin to rise above $66,000 and record a new all-time high months after the previous one. 

  • VanEck inches closer to bringing a bitcoin futures ETF to market. 
  • The launch is expected to occur early next week, although the official date has yet to be confirmed. 
  • VanEck secured approval to launch its ETF per a post-effective filing with the U.S. SEC. 
  • It is the second company to receive official SEC approval quickly after years of disallowing bitcoin ETFs to hit the market. 
  • VanEck’s ETF will invest in cash-settled bitcoin futures contracts traded on commodity exchanges registered with the CFTC. 
  • However, there will be no direct investment in bitcoin or digital assets, thus no increase in BTC demand across trading platforms.  
  • ProShares – ticker BITO – was the first provider to receive SEC approval. 
  • Its bitcoin ETF has noted strong support and demand, pushing the price to $43.49 with over 21 million units in volume. 

  • The SEC’s approval allows U.S. investors to buy and trade ETF shares directly linked to Bitcoin, following examples set by Canada and various European regions.  
  • Bitcoin has recorded a new all-time high since the debut of the ProShares ETF. 
  • The new BTC all-time high is $67,276.79, a big step up from the previous ATH of just over $64,000.

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JP Buntinx

JP Buntinx has been writing about cryptocurrency since 2012. His interest in crypto, blockchain, fintech, and finance allows him to cover a broad range of different topics.

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JP Buntinx

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