The SEC has approved the Winklevoss Bitcoin ETF, which will be listed on NASDAQ under ticker symbol COIN. VanEck’s ETF is also expected to receive approval in March of 2019 and be listed on NYSE Arca.
VanEck is set to become the second Bitcoin ETF in the U.S., with SolidX being the first. The VanEck ETF has been approved by the SEC, and will be available on January 30th.
Following ProShares’ historic trading of the first Bitcoin futures exchange-traded fund (ETF) on the New York Stock Exchange (NYSE) yesterday, word has emerged that VanEck has also received SEC permission (SEC).
Next Monday, the VanEck Bitcoin ETF will begin trading.
According to a regulatory filing, the business has received approval from the regulator to begin trading under the XBTF ticker on October 23. Because the specified day falls on a Saturday, the stock market will be closed, and trading will resume on the next market day, Monday, October 25.
“Under normal circumstances, the Fund attempts to accomplish its investment goal by investing in standardized, cash-settled bitcoin futures contracts traded on commodities exchanges regulated with the Commodity Futures Trading Commission (‘CFTC’), such as the Chicago Mercantile Exchange (the ‘CME’).” “The Fund does not invest directly in bitcoin or other digital assets,” according to the filing.
In their inability to own the main digital asset directly, VanEck and ProShares ETF are comparable. They compensate for this by exposing “skeptical” investors who are hesitant to invest directly in the market to the currency via futures contracts.
“Investors often utilize ETFs to acquire different tradable financial assets such as shares, bonds, and derivatives,” according to our analysis. These funds enable investors to indirectly hold underlying assets while also providing a percentage of earnings and residual value in the event of fund liquidation.”
You may remember that ProShares had a trading volume of more than $1 billion on its first day on the market. A sign that the crypto community has been waiting for a crypto-related ETF for quite some time.
Surprisingly, VanEck has another ETF application pending with the SEC. The corporation is also submitting an application for a spot Bitcoin ETF, which would provide it direct access to the digital gold. On November 14, a ruling on this application is anticipated.
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VanEck is set to become the second Bitcoin ETF in the United States. This will allow investors to get exposure to Bitcoin without having to buy it on an exchange. The company has received approval from the SEC and is awaiting final approval from the CFTC for a VanEck Bitcoin ETF. Reference: yahoo finance.
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