Weak debut of ETF VanEck

VanEck ETF (XBTF) launched today amid market turbulence that has seen the price of Bitcoin fallbelow $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 of trading cannot be compared with the successful start of the Proshares Bitcoin Strategy ETF (BITO), which collected a record $1.1 billion in the 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 bringa spot Bitcoin ETF that was rejected by the SEC on Friday after the regulator said there were ongoing concerns about “fraud and manipulation” in the crypto market. 

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