ETF Fund Provider VanEck Files Bitcoin ETF Application

VanEck Files Bitcoin ETF Application

On December 11, New York-based VanEck, an ETF fund provider, filed with the United States Securities and Exchange Commission to develop Bitcoin ETF products that are eligible to trade in cryptocurrency derivatives.

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However, this is not the first ETF fund provider to do this. On December 8, Connecticut-based REX filed its own application.

According to the SEC public filing system, neither REX nor VanEck plans on holding onto bitcoins directly. Instead, both firms will trade futures contracts as well as other derivatives products in order to allow potential investors to profit from the fluctuations bitcoin tends to see in price.

While the SEC tends to deny, or just not bother to look at applications from ETF fund providers to develop Bitcoin ETFs, CBOE (NASDAQ:CBOE) just launched their bitcoin futures market on Sunday, and LedgerX just rolled out a number of other derivatives products.

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