VanEck’s Bitcoin Futures ETF to Start Trading Tomorrow Following Spot ETF Rejection

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The VanEck Bitcoin Strategy exchange-traded fund is set to go live tomorrow, a few days after the SEC rejected the firm’s spot Bitcoin ETF proposal.

XBTF to Start Trading Tomorrow

An official notice by the Chicago Board Options Exchange (CBOE) revealed that the VanEck Bitcoin futures ETF would start trading tomorrow, November 16. The CBOE said it is pleased that an ETF will be listed on its platform and will begin trading as a new issue on November 16, 2021.

The VanEck Bitcoin strategy ETF will trade on the CBOE under the ticker symbol XBTF starting tomorrow. The VanEck Bitcoin futures ETF joins the other two already approved by the United States Securities and Exchange Commission (SEC)

The US SEC approved the ProShares Bitcoin Strategy ETF and the Valkyrie Bitcoin Strategy ETF last month, and they are already trading on US stock exchanges. The SEC also approved the VanEck Bitcoin strategy ETF last month, but the investment firm delayed its launch.

This latest development comes a few days after the SEC rejected VanEck’s spot Bitcoin ETF application. The United States regulatory agency has always maintained that it is concerned about possible manipulation in the Bitcoin market, and that would affect investors.

The United States has rejected numerous spot Bitcoin ETF proposals in recent years and could reject the others currently on its table. The rejection comes despite Bitcoin’s market cap now over $1 trillion and Canada and Brazil both having Bitcoin ETFs.

BTC/USD chart. Source: FXEMPIRE

BTC Still Struggling Below $65K

The leading cryptocurrency reached a new all-time high above the $69k last week. However, BTC has been struggling around the $65k region over the past few days. At press time, BTC is trading at $64,189 per coin, down by 0.07% over the past 24 hours.

Despite its recent performance, the short and medium-term outlook for BTC remains positive. Several analysts and market participants expect BTC to reach at least $100k before the end of the year.