Hassan Maishera
XBTF To Go Live Tomorrow
The Bitcoin futures ETF by investment firm VanEck is set to go live tomorrow. The ETF will launch on the CBOE exchange after gaining approval from the United States Securities and Exchange Commission (SEC) last month.
CBOE announced this on its website yesterday, stating that “We are pleased to announce that 1 Exchange Traded Fund (“ETF”) will be listed on Cboe and will begin trading as a new issue on November 16, 2021.”
The ETF will trade under the ticker XBTF and will allow institutional and retail investors indirect exposure to the leading cryptocurrencies. Bitcoin futures ETFs are exchange-traded funds that track the performances of Bitcoin investment products.
The US SEC has so far approved three Bitcoin futures ETFs, including the ProShares and Valkyrie ETFs that are already trading on stock exchanges. This latest development comes a few days after the regulatory agency rejected VanEck’s spot Bitcoin ETF application.
The US SEC is yet to approve a single Bitcoin ETF application seeking to track Bitcoin’s spot price. The SEC has made it clear it is not open to approving a spot Bitcoin ETF at the moment as it still has concerns about the cryptocurrency market. The regulatory agency is concerned about possible market manipulation and other vices in the cryptocurrency space.
Although the US is yet to approve a single Bitcoin spot ETF, they are already live in Canada and Brazil. Earlier this year, the Canadian securities regulator approved a few ETFs tracking the spot prices of Bitcoin and Ether. Brazil also became the first South American country to launch Bitcoin ETFs.
The leading cryptocurrency has grown to become a $1 trillion market, but the US SEC is still skeptical about approving an ETF tracking its spot price.
