Just days after the monumental ProShares ETF launch, VanEck has announces the launch of its own bitcoin futures ETF for next week.
The company submitted its application to the SEC earlier this year, which the SEC acknowledged back in March. However, throughout the year VanEck received continual delays from the regulator over the decision. Nonetheless, the firm revealed the groundbreaking approval from the SEC for a launch ‘after Oct 23.’
According to the notice from the regulator, the ETF will begin trading, “as soon as practicable after the effective date of this registration statement,” inferring a debut date of Oct 25.
Moreover, the statement reiterated the purpose of the VanEck bitcoin-linked ETF. It highlighted the ETF’s journey in the crypto market through “standardized, cash-settled bitcoin futures contracts (’Bitcoin Futures’) traded on commodity exchanges registered with the Commodity Futures Trading Commission (’CFTC’), such as the Chicago Mercantile Exchange (the ‘CME’).”
These two groundbreaking moments for both the crypto and traditional markets come after nearly a year of anticipation. Meanwhile, in Canada, a bitcoin-linked ETF launched in September, as well as an EU-approved French bitcoin ETF a month prior.
ProShares boom
Last week the news broke of the first SEC-approved bitcoin futures ETF by ProShares. Similar to VanEck, the regulator’s approval is long-awaited by ProShares. In fact, both companies backed out of ethereum-linked ETF proposals in late August of this year.
The approval of the latest bitcoin ETFs from both companies marks the first time investors can buy and sell stakes of an ETF linked to bitcoin or any cryptocurrency for that matter. The Tuesday launch debuted with a massive 24M shares and traded over $500 million.
The ETF’s price rose nearly 5% within its initial 24hs on the market. Analysts see more growth in its future.
Additionally, roughly one day after the ETF launch, the price of bitcoin reached a new all-time high of over $67,000.
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