Asset manager VanEck’s bitcoin futures exchange-traded fund (ETF) will begin trading on Tuesday, the Chicago Board Options Exchange (Cboe) announced in a notification.
Last month, VanEck said the fund would start trading after Oct. 23 on the Cboe BZX Exchange, index with the XBTF ticker symbol, and offer investors exposure to bitcoins without having the currency.
The Securities and Exchange Commission has extended its deadline to make a resolution on the fund after Cboe first deposited the bitcoin futures ETF deposit in March.
The news comes after the SEC on Friday rejected VanEck’s long-awaited application for a bitcoin money ETF, which raised exchange regulations similar to fraud prevention and manipulation.
“While a ‘physically backed’ bitcoin ETF remains a key target, we are very excited to offer investors this vital tool as they build their virtual asset portfolios,” said Kyle DaCruz, VanEck’s lead virtual asset officer, at the company’s launch. Monday.
The VanEck product will invest in cash-settled bitcoin futures traded on exchanges registered with the Commodity Futures Trading Commission, such as the CME Group, according to its SEC record.
Last week, Bitwise Asset Management withdrew its application for a bitcoin futures ETF, saying it took the resolution due to the fund’s maximum charge and the maximum likely underperforming. , and maximum long-term investors are better served through spot exposure.
VanEck is still waiting for the SEC to approve or reject the Ethereum-based ETF it filed in May. The company may be contacted for comment when contacted through Insider.