REGULATION

SEC strikes again! Following "BITO", VanEck's Bitcoin futures ETF "XBTF" also approved for listing

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SEC strikes again! Following "BITO", VanEck

The Bitcoin futures ETF launched by wealth management firm VanEck has been approved by the U.S. Securities and Exchange Commission (SEC). The company will be able to launch the fund after October 23, and trading will commence "as soon as practicable after the effective date," possibly starting next week. This ETF is the second Bitcoin futures ETF to be approved for listing by the SEC, following the launch of a Bitcoin futures ETF by ProShares.

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The stock symbol for the Vaneck Bitcoin Strategy ETF is "XBTF," and the Vaneck ETF summary states that the fund "does not directly invest in Bitcoin or other digital assets." Following the SEC's release of the effective documents, Nate Geraci, co-founder of ETF Institute, posted the approval news on Twitter. He said, "Vaneck will join the Bitcoin futures ETF party next week."

The Proshares Bitcoin Futures ETF (BITO) began trading on the New York Stock Exchange on Tuesday with over 24 million shares traded, setting a second-highest historical record. The cryptocurrency market, led by Bitcoin, continues to surge, with the price of Bitcoin hitting a new all-time high of $67,016.

According to Bloomberg's senior ETF analyst Eric Balchunas, BITO "ranks in the top 30% of ETFs by assets and is close to locking in over $750 million estimated over the weekend."

Vaneck's Bitcoin futures ETF is the second Bitcoin-related fund to receive SEC approval. Nevertheless, SEC Chairman Gary Gensler emphasized in a CNBC interview on Tuesday, "As a regulatory agency, we should be technically neutral, not policy neutral. We try to introduce new products as much as possible within the scope of investor protection, and the 'futures' you mentioned are regulated by the Commodity Futures Trading Commission (CFTC), where I previously served for four years."

This article is authorized and reproduced from Horizon News Network