VanEck, the world’s largest investment firm, will shortly join ProShares. As institutional demand for Bitcoin and digital assets soars, the company will launch a Bitcoin futures ETF.
VanEck, global investment management, is poised to launch a bitcoin futures exchange-traded fund (ETF) next week, only days after ProShares received approval from the Securities and Exchange Commission to establish the first BTC ETF.
According to a post-effective filing with the Securities and Exchange Commission (SEC) on Wednesday, VanEck has received SEC clearance and is now completely allowed to start its BTC fund next week, on Saturday, October 23.
In August, VanEck applied for the BTC futures ETF for the first time. The fund will provide bitcoin exposure through futures contracts and begin trading “as soon as feasible,” which could be as soon as Monday morning.
“The Fund is an actively managed exchange-traded fund (‘ETF’) that seeks to achieve its investment objective by investing, under normal circumstances, in standardized, cash-settled bitcoin futures contracts (‘Bitcoin Futures’) traded on commodity exchanges registered with the Commodity Futures Trading Commission (‘CFTC’)” — the filing noted.
ProShare’s ETF has underlined institutional investors’ interest in a Bitcoin Futures-linked fund. On Tuesday, the new asset witnessed a massive $1 billion in trading volume. On its first day of trading, BITO set a record for the second-highest volume for an ETF.
Chairman Gary Gensler of the Securities and Exchange Commission (SEC) authorized ProShares’ ETF, stating that the fund conformed with the SEC’s investor protection regulations and that the SEC welcomes technical innovation without sacrificing investor protection.
The bitcoin price burst above the $64k barrier just a day after the ProShares BTC ETF became online, reaching a new high of $67K.
Grayscale, a digital asset management, also applied to have its Bitcoin Trust converted into a publicly listed Bitcoin spot ETF.