VanEck plans Bitcoin-futures ETF as industry dives into cryptocurrencies

VanEck plans to soon launch a Bitcoin-themed ETF that will use futures to give investors exposure to the popular crypto even as U.S. regulators drag their feet on approving exchange traded funds that directly hold cryptocurrency. According to a prospectus filed with the U.S. Securities and Exchange Commission, the fund will not invest directly in Bitcoin or other digital assets, as that's not legal for U.S. ETFs. Instead, the actively managed fund will invest in Bitcoin futures contracts, pooled-investment vehicles and exchange-traded products that provide Bitcoin exposure. ETF firms like Van Eck have been scrambling to launch Bitcoin-related exchange traded funds ever since ProFunds recently got the OK to launch the first U.S. mutual fund to invest in Bitcoin futures. Other ETF firms that are launching Bitcoin-themed exchange traded funds using futures are Invesco and ProShares. Bitcoin (BTC-USD) has rallied of late +59.33% from its recent low back on July 20. Moreover, the cryptocurrency finds