VanEck discontinues Bitcoin futures ETF offering

Shift to Bitcoin spot ETF

US asset management company VanEck plans to discontinue offering Bitcoin futures ETFs. Resources will be shifted to the Bitcoin spot ETF, which was approved by the SEC last week.

VanEck, which manages approximately $90 billion worth of assets in Bitcoin and gold ETFs, announced on the 17th that the VanEck ETF Investment Trust’s Board of Trustees has approved the liquidation and dissolution of the VanEck Bitcoin Strategy ETF. Investors can sell until January 30th.

“As the sponsor of the VanEck ETF, VanEck continually monitors and evaluates the ETF’s offerings across many factors, including performance, liquidity, assets under management, and investor interest. The decision to liquidate was based on an analysis of these factors and other operational considerations.”

The VanEck Bitcoin Trust (HODL), a Bitcoin spot ETF filed by VanEck, was approved by the SEC and listed on the exchange last week, along with 11 other Bitcoin spot ETFs, including BlackRock and Fidelity.

On the other hand, the futures ETF mentioned above was approved at the end of 2021, and at that time, a Bitcoin spot ETF did not yet exist, and a futures ETF was used as an alternative.

Since its approval last week, a large amount of money has flowed from Bitcoin futures ETFs to spot ETFs, with total trading volume of over $10 billion across 11 spot ETFs until the end of trading on the 17th (US time), the fourth day of trading. It was done. Among them, VanEck ranks 7th.

connection: Going backwards with the times, U.S. Vanguard will stop offering Bitcoin futures trading

We have introduced the “Heat Map” function to the CoinPost app for investors!
In addition to important news about virtual currencies, you can also see at a glance exchange information such as the dollar yen and price movements of crypto asset-related stocks in the stock market such as Coinbase.

■Click here to download the iOS and Android versions
https://t.co/9g8XugH5JJ pic.twitter.com/bpSk57VDrU

— CoinPost (virtual currency media) (@coin_post) December 21, 2023

The post VanEck discontinues Bitcoin futures ETF offering appeared first on Our Bitcoin News.