December 4, 2021

Weak debut of ETF VanEck

Weak debut of ETF VanEck

VanEck ETF (XBTF) kicked off today amid turbulent market conditions that plunged bitcoin below $ 60,000 for the first time in two weeks.

A bad debut timing allowed VanEck to sell just 38,398 shares on its first day of trading, at just under $ 60 per share. By the close of trading, the ETF had raised $ 9.6 million.

This launch is not comparable to the successful launch of the Proshares Bitcoin Strategy ETF (BITO), which grossed a record $ 1.1 billion in its first two days of trading.

VanEck is still looking to catch up with the competition with the strengths of its product. The VanEck ETF offers low commissions and a carry forward mechanism.

At the same time, the company still hopes to withdrawto the market a spot bitcoin ETF, which was rejected by the SEC on Friday after the regulator announced lingering concerns about "fraud and manipulation" in the crypto market.

Subscribe to ForkNews on Telegram to keep abreast of news from the world of cryptocurrencies

Facebook Notice for EU! You need to login to view and post FB Comments!