The bitcoin futures exchange-traded fund from investment firm VanEck is scheduled to go live on the Chicago CBOE market next week, after delays following SEC approval in late October.
The VanEck Bitcoin Strategy Fund will begin trading on the CBOE under the ticker symbol “XBTF” on Tuesday, with a new-issue auction to open trading at 9:30 a.m. ET and index data dissemination following, according to a notice on the CBOE’s website.
Just days after the U.S. Securities and Exchange Commission rejected a “spot bitcoin ETF” from VanEck, the firm has announced a launch date for its first-ever bitcoin ETF. The USFWS announced in September that it would postpone its ultimate decision on the proposal.
The VanEck ETF’s launch next week will be the latest addition to a growing list of bitcoin futures-based ETFs that have been introduced in recent weeks after years of rejections and delays from the Securities and Exchange Commission (SEC) for a bitcoin ETF that would track the cryptocurrency’s price.
An ETF that is directly linked to bitcoin’s value rather than bitcoin futures would more closely track the bitcoin price, according to some industry experts.
In October, the SEC permitted the ProShares Bitcoin Strategy ETF (stock ticker BITO), which was subsequently listed on the NYSE.
Within hours, the fund amassed more than $1 billion in investor assets, making it the fastest ETF ever to do so.