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VanEck’s Bitcoin Futures ETF to Cease Trading Amid Low Interest

Michael Juanico by Michael Juanico
January 25, 2024
in BUSINESS, CRYPTO, FINANCE
Reading Time: 3 mins read
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  • VanEck is closing its Bitcoin futures ETF (XBTF) due to poor performance, low trading volume, and assets under management compared to competitors.
  • XBTF will stop trading on January 30th and liquidate remaining assets by distributing cash payouts to investors.
  • VanEck received approval for a spot Bitcoin ETF last week and is shifting focus to growing that product instead of the unsuccessful futures ETF.

The VanEck Bitcoin Strategy ETF (XBTF) will stop trading on January 30th, just over a week after the asset manager received approval for a spot Bitcoin ETF. The futures-based fund has struggled to gain traction amid stiff competition.

JUST IN: VanEck to shut down its #Bitcoin Strategy ETF after two years of operation

Likely to prioritize its new Spot $BTC ETF pic.twitter.com/J1AOwzYBJe

— BlockNews.com (@blocknewsdotcom) January 17, 2024

VanEck Decides to Close Bitcoin Futures ETF

VanEck made the decision to liquidate XBTF based on an analysis of the fund’s performance, liquidity, assets under management and investor interest. The ETF has averaged just $14 million in daily volume, well behind rival futures ETFs like ProShares’ BITO. As the ETF industry tends to be “winner take most,” it has been difficult for later entrants like XBTF to accrue significant volume.

To ease the liquidation process, VanEck will distribute cash payouts to investors equal to the net asset value of their shares. Investors will generally recognize a capital gain or loss on the difference between the payout amount and their adjusted cost basis. The final liquidation date is set for February 6.

VanEck’s New Spot Bitcoin ETF

Last week, VanEck received approval to launch a spot Bitcoin ETF, VanEck Bitcoin Trust. Unlike the previous futures ETFs, VanEck’s spot ETF launched simultaneously with competing products. After three days of trading, the fund has garnered moderate volume and assets under management compared to rivals.

VanEck has pledged to donate 5% of the ETF’s profits to Bitcoin core developers. The asset manager appears to be shifting focus to its spot ETF going forward given the lack of traction for its futures product.

Conclusion

After failing to attract significant interest, VanEck is shutting down its Bitcoin futures ETF just over a week after launching a spot Bitcoin ETF. The quick demise highlights the intense competition in the ETF space and the advantage held by early movers. VanEck will now look to gain market share with its spot Bitcoin offering.

Disclaimer: BlockNews provides independent reporting on crypto, blockchain, and digital finance. All content is for informational purposes only and does not constitute financial advice. Readers should do their own research before making investment decisions. Some articles may use AI tools to assist in drafting, but every piece is reviewed and edited by our editorial team of experienced crypto writers and analysts before publication.
Tags: BitcoinBitcoin ETFcryptoETFVanEck
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Michael Juanico

Michael Juanico

Michael is a BSBA Management graduate from Mindanao State University and has been a professional content writer since 2019. He began exploring cryptocurrency in 2021 and has since made blockchain and digital assets his primary focus. For nearly four years, Michael has contributed research and editorial content at Aiur Labs and BlockNews, producing clear and accessible coverage of market trends, trading strategies, and project developments. He is transparent about his personal holdings in Bitcoin, TRON, and select meme tokens, combining writing expertise with hands-on market experience to deliver trustworthy insights to readers.

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