Asset management firm VanEck’s Bitcoin futures ETF will be listed on the Chicago Board Options Exchange (CBOE) on November 16. But, the Bitcoin spot ETF application has been rejected.
Specifically, according to an advisory issued by Chicago-based CBOE, on November 16 VanEck is ready to begin trading its Bitcoin futures ETF.
After all, some analysts have noted that an ETF backed directly by Bitcoin would track the price of the cryptocurrency more closely than one backed by Bitcoin futures.
By the way, XBTF will not be the first exchange-traded product related to Bitcoin. There are two Bitcoin futures ETFs, the ProShares Bitcoin Strategy ETF (BITO) and the Valkyrie Bitcoin Strategy ETF (BTF), which began trading in October.
VanEck Bitcoin Strategy ETF is listed
VanEck’s Bitcoin Futures ETF gained SEC approval in late October and made a regulatory filing at the time suggesting a launch date of October 25. But, company officials have since declined to comment on why the new fund had yet to be launched.
However, after weeks of delays, the VanEck Bitcoin Strategy ETF is ready for launch. It will debut on the CBOE exchange on Tuesday, November 16.
The CBOE Indian on its website that the new VanEck Bitcoin Strategy Fund will start trading under the ticker symbol ‘XBTF’. With a new issue auction to open operations around 9:30 am Eastern Time (ET).
In particular, the announcement comes just after the United States Securities and Exchange Commission (SEC) rejected VanEck’s proposal for a “spot Bitcoin ETF.”
The SEC rejected the changes
The United States Securities and Exchange Commission (SEC), after delaying the decision on the application twice. Rejection the rule changes that would have allowed VanEck Bitcoin’s Exchange Traded Fund (ETF) to be listed.
«The Commission applies the same standard used in its orders, considering previous proposals to list Bitcoin-based commodity trusts. And receipts issued by trusts based on Bitcoin, which must be designed to prevent fraudulent and manipulative acts and practices».
«The Commission concludes that BZX has not met its burden».
In this regard, VanEck CEO Jan van Eck said: “We are obviously disappointed with today’s SEC update which rejected the approval of our physical Bitcoin ETF.».
In addition, he added: «We continue to believe that investors should have the ability to gain exposure to Bitcoin through a regulated investment product.».
I retire with this phrase from Sun Tzu: «Convince your enemy that they will gain little if they attack you. This will lessen your interests».