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

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VanEck, one of the first asset managers in the United States to register for a Bitcoin (BTC) exchange-traded fund (ETF), is launching a Bitcoin futures ETF.

VanEck’s Bitcoin Strategy ETF will begin trading on CBOE on Tuesday under the ticker symbol XBTF, according to an official notification from the Chicago Board Options Exchange (CBOE).

VanEck’s new ETF joins a growing number of BTC futures-based ETFs in the United States. Including the ProShares Bitcoin Strategy ETF. Which became the first Bitcoin futures ETF on the New York Stock Exchange on Oct. 19. In late October, Valkyrie’s Bitcoin Strategy ETF began trading on Nasdaq under the BTF ticker.

The CBOE’s listing of XBTF comes only days after VanEck’s petition for a spot Bitcoin ETF was rejected by the US Securities and Exchange Commission. According to the Securities and Exchange Commission, the proposed rule change to list the ETF does not meet the standards. In order to “prevent fraudulent and misleading acts and practises” or “protect investors and the public interest”.

VanEck is a US asset management that specialises in themed and gold-based ETFs and mutual funds. Having been founded in 1955. In the crypto sector, VanEck is notable for being one of the first businesses to register for a Bitcoin futures ETF. Since then, the company has filed additional BTC ETF applications with the SEC. But has only received approval for its futures ETF.

ETFs based on BTC futures might be more acceptable than those based on direct exposure

As previously reported, SEC Chair Gary Gensler stated that ETFs based on bitcoin futures might be more acceptable than those based on direct exposure.

However, other firms, such as Bitwise Asset Management, are still optimistic about the prospect of a pure Bitcoin ETF. And the business even decided to abandon its futures ETF registration last week. “A spot Bitcoin ETF is ultimately what many investors desire.” That appears to be a viable option. “As a consequence, Bitwise will continue to pursue that goal, and we will look for alternate avenues to enable investors to obtain access to crypto’s incredible potential”, said Matt Hougan, Bitwise’s chief investment officer.

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