Securities and Exchange Commission to approve two more Bitcoin ETF funds
Industry News
The crypto boom is about to happen, as the US SEC approves two more applications to launch a Bitcoin ETF. ProShares is the industry’s pioneer, starting Bitcoin Strategy ETF, while VanEck and Valkyrie Investments join the “exclusive membership club” as well.
VanEck gets the approval to launch a fund on October 23, while the trades are about to open on October 25. The fund’s shares are entering the market under the ticker XBTF. Investors will be able to buy shares on the Cboe BZX platform.
When compared to the Bitcoin ETF fund launched by ProShares, VanEck offers investors lower fees – 0.65% against 0.95%.
Valkyrie Investment representatives announced they “removed all the legal obstacles” and got the approval as well. Trades are about to start on October 22. The fund’s ticker is BTF. According to Eric Balchunas, a Bloomberg analyst, the company had to change its ticker – primarily shares were planned to be traded under BTFD:
“Just got word Valkyrie is changing the ticker back to $BTF 🙁 SEC prob wasn’t a fan of $BTFD. Also odds growing they will launch tomorrow,” – Eric commented on the news in his Twitter account.
Both funds use Bitcoin futures traded on the Chicago Mercantile Exchange as a basic asset; meanwhile, the list may include any assets traded on exchanges licensed by CFTC.
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