Asset management firm VanEck looks set to launch an exchange-traded fund (ETF) linked to Bitcoin futures next week, following in the footsteps of ProShares.
According to a filing with the Securities and Exchange Commission on Wednesday, VanEck’s Bitcoin Strategy ETF will begin trading on the Cboe BZX Exchange after October 23. The fund will only invest in cash-settled Bitcoin futures traded on Commodity Futures Trading Commission-registered exchanges such as CME Group.
The product will begin trading “as soon as possible after the effective date” under the code “XBTF”. Since October 23 is Saturday, Monday, October 25, points to a possible start date.
After the launch of the ProShares Bitcoin Strategy ETF on Tuesday, investors will have another option in a futures-based product. The “BITO” ETF invests in Bitcoin futures contracts instead of Bitcoin, the world’s most traded cryptocurrency.
Aside from these, a statement by asset management firm Valkyrie on Monday indicates that the company is ready to launch its own Bitcoin futures ETF soon.
The new ETFs will follow the blockbuster debut of ProShares on launch day.
Bitcoin hit an all-time high at $66,930.39 on Wednesday, according to CoinMarketCap.