VanEck has gained approval for its Bitcoin futures ETF and set a date for its launch, according to a post-effective filing.
The VanEck Bitcoin Strategy ETF has now been approved by the U.S. Securities Exchange Commission.
The fund is allowed to begin trading after Saturday, Oct. 23, but will likely be listed on Monday, Oct. 25 as markets open. The fund will be listed under the ticker symbol “XBTF.”
The ETF will carry a management fee of 0.65%, or $0.65 for every $100 invested. Bloomberg notes that this is significantly cheaper than the 0.95% fee in ProShares’ competing ETF.
This ETF and similar funds allow investors to buy an asset tied to the value of Bitcoin futures through a commodity exchange. It does not allow investors to hold actual Bitcoin in a cryptocurrency wallet and does not require investors to register with a retail crypto exchange.