VanEck's ETF (XBTF) launched today amid market turbulence that saw the price of Bitcoin fall below $60,000 for the first time in two weeks.
Unfortunate timing of the debut allowed VanEck to sell only 38,398 shares on the first day of trading, at a price just under $60 per share. By the close of trading, the ETF had collected $9.6 million.
Such a launch of trading cannot be compared with the successful start of Proshares Bitcoin Strategy ETF (BITO), which collected a record $1.1 billion in the first two days of trading.
VanEck still expects to catch up with competitors thanks to the advantages of its product. VanEck's ETF offers low fees and a loss carryforward mechanism.
At the same time, the company still hopes to bring to market a 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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