After months of persevering and delays, the Bitcoin Futures ETF proposal by VanEck has officially been approved by the US Securities and Exchange Commission (SEC). This makes it only the second Bitcoin Futures ETF given by the regulators green light to trade on the NYSE. The first one is ProShares’ Bitcoin Strategy ETF.
As per the reports, VanEck ETF, which will go under the ticker “XBTF,” is allowed to start trading after October 23 but will most likely be listed on the illustrious stock exchange this October 25’s market opening. Notably, the ETF offering is set to carry a 0.65% management fee or $0.65 for every $100 investment. Compared to the current management fee listed on ProShares’ ETF product of 0.95%, VanEck’s is much cheaper.
While crypto companies are still looking to get the approval of an actual Bitcoin ETF, it is worth mentioning that SEC’s recent allowing of Bitcoin futures ETFs got investors significantly interested. On top of that, this recent buzz on the new monetary products has also propelled significant gains for almost every cryptocurrency listed today, especially Bitcoin. At one point, the leading crypto managed to surge high above $65,000 apiece. Experts point out this recent development as the main reason why BTC’s value jumped that significantly.