Global investment management firm VanEck is set to launch a Bitcoin ETF next week after receiving approval from the Securities and Exchange Commission (SEC) yesterday.
This means, VanEck will be the second company to launch a Bitcoin ETF after ProShares.
For the record, the firm applied for a Bitcoin ETF in August. Through this fund, investors will be exposed to Bitcoin (BTC) through futures contracts.
Its launch is scheduled for Monday, after Oct. 23 as ordered by the SEC.
The excitement of the news is the same as when ProShares announced the launch of the Bitcoin ETF on Tuesday.
Reportedly the volume of futures contract trading under the BITO ticker reached a record $ 1 billion once launched.
Not only that, the BTC price also recorded a positive movement to break through the latest all -time high (ATH), $ 67,000 yesterday.
SEC Chairman Gary Gensler explained that the reason the agency gave Bitcoin ETFs 'permission' in the market was because they "welcome technological innovation without neglecting investor protection."
