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VanEck has announced it will soon delist its futures Bitcoin
exchange-traded fund (ETF). Meanwhile, ProShares filed for five Bitcoin ETFs with indirect exposure to BTC. The new spot Bitcoin ETFs have seen three times as much daily volume on Jan. 16 compared with the 500 ETFs approved in 2023.
VanEck plans delisting of Bitcoin Strategy ETF
Asset manager VanEck has announced that it plans to close its futures-based Bitcoin exchange-traded fund less than two years after it launched.
In a Jan. 17 announcement, the asset manager said its board of trustees approved the liquidation and closing of the Bitcoin Strategy ETF, which currently trades on the Cboe BZX exchange. Shareholders will have until Jan. 30 to sell their shares, with full delisting scheduled for Feb. 6.
VanEck didn’t elaborate on the decision, only that it stemmed from its ongoing monitoring of ETF performance and liquidity. However, the decision seems to be tied to the recent approval of several spot Bitcoin ETFs, including VanEck’s.
In its quest for spot ETF market share, VanEck has pledged to donate 5% of its profits to core developers working on the Bitcoin blockchain.
ProShares files for five Bitcoin ETFs with indirect exposure
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Major United States-based exchange-traded funds (ETFs) issuer ProShares is working to launch several Bitcoin ETFs with indirect BTC exposure amid the first days of spot Bitcoin ETF trading on local stock exchanges.
Out of the lot, ProShares Plus Bitcoin ETF and ProShares Ultra Bitcoin ETF seek daily investment results corresponding to a 1.5x and 2x increase from the daily performance of BGCI, respectively.
The other three funds, ProShares UltraShort Bitcoin ETF, ProShares Short Bitcoin ETF and ProShares ShortPlus Bitcoin ETF, seek daily investment results based on the inverse of the daily performance of the BGCI of -2x, -1x and -1.5x, respectively.
Bitcoin ETFs 3X the combined daily volume of all ETFs launched in 2023
The Jan. 16 daily volume of the 10 spot Bitcoin ETFs has over three times the total volume for all 500 ETFs launched in 2023 on the same day.
The recently approved spot Bitcoin ETFs saw over $1.8 billion in total volume on Jan. 16, Yahoo Finance data compiled by Cointelegraph shows, with funds offered by Grayscale, BlackRock and Fidelity accounting for $1.6 billion.
Their combined volume is three times as much as the $450 million Jan. 16 combined trading volume seen by 500 ETFs launched in the U.S. in 2023, according to Bloomberg ETF analyst Eric Balchunas.
BlackRock’s iShares Bitcoin Trust was the leader in attracting net inflows with more than $497 million over the past three days, and all 10 saw nearly $10 billion in volume in the first three days of trading, according to figures by Bloomberg ETF analyst James Seyffart and Yahoo Finance data compiled by Cointelegraph.
Grayscale’s Bitcoin fund leads in total trading volume — notching more than $5.1 billion — but the fund experienced considerable outflows as investors seek to reduce exposure after it’s discount narrowed to the lowest levels in nearly three years.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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