VanEck Bitcoin Strategy Futures ETF (XBTF) started working in conditions of market correction and this did not have a very favorable effect on its results
On the first day of trading, XBTF was sold 38 398 shares and the final price was $59,73 per share. According to VanEck, at the close of trading, the ETF had assets under management in the amount of $9,6 million.
VanEck's application for a spot Bitcoin ETF was rejected on Friday, and Kyle DaCruz, the company's director of digital asset products, was disappointed with the decision.:
“We were disappointed with the Bitcoin spot ETF decision and still consider it the best product.. but, despite this decision, it is important for us to bring a regulated bitcoin exchange-traded fund to the market "
According to him, VanEck intends to continue work on bringing the spot product to the market, but doesn't know yet, when can it happen. VanEck's Bitcoin ETF currently has two competitors.
Proshares Bitcoin Strategy ETF First Futures Product (BITO) attracted record-breaking $1,1 billion and since then has been stable at the level $1,05 billion. Launched three days later Valkyrie Bitcoin Strategy ETF (BTF) has under management about $50 million.
VanEck ETFs have two advantages over their competitors: lower commissions (0,65 basis points versus 0,95 in BITO and BTF) and the structure of C-Corp, carry-over (i.e, if the ETF ends the year with a loss, they can be carried over and deducted from the profits of the next year, enabling investors to use past losses to reduce taxes, which they will pay for future profits).