Next week, VanEck will be launching its own Bitcoin futures ETF and this is coming after the launch of ProShares ETF. This has been underway since they submitted an application to the SEC. The application was acknowledged by the SEC in March even though the commission delayed VanEck due to its delayed decision. Finally, SEC has approved the application submitted and hence VanEck can launch Bitcoin Futures ETF after October 23.
SEC Approves VanEck ETF
The notice from SEC announced that VanEck can start trading ETF as soon as possible after the registration date. The statement from the regulator reaffirms the function of Bitcoin linked ETF about to be launched by VanEck. It also talked about the journey of ETF in the cryptocurrency industry.
This approval by the SEC is a groundbreaking decision that will influence the crypto market significantly. This approval has been anticipated for almost a year by crypto investors and enthusiasts. In September, a Bitcoin-linked ETF was launched in Canada while an EU-approved French Bitcoin ETF was launched in August. This approval by SEC is following a trend around the world to approve Bitcoin-linked ETF.
In the previous week, there was breaking news that the SEC approved its first Bitcoin futures ETF by ProShares. This approval by SEC has been expected, especially by ProShares and it took some time before the regulator gave its approval, just like it did with VanEck. Both ProShares and VanEck had earlier backed out of Ethereum-linked ETF proposals.
This approval by the SEC of both ProShares and VanEck to launch their Bitcoin ETFs is a groundbreaking moment. This is the first time that crypto investors can trade stakes of an ETF that’s linked to any cryptocurrency including Bitcoin.
ProShares launched its Bitcoin futures ETF to great success as it became the second-highest traded fund in the world. On the launch day, over 24 million shares were traded, and the trade volume was over $500 million. The ETF price rose to over $40 with a price rise of about 4.9%. This growth is expected to continue due to the huge interest in crypto linked ETF.
The interest in crypto traded ETF has been on the rise, and hence crypto investors were excited about the launch of the Bitcoin-linked ETF. This was demonstrated with the massive investment following the launch of the ETF. Also, the price of Bitcoin achieved a new milestone of over $67,000, and this happened a day after the launch of the ETF by ProShares.