Spot bitcoin ETF issuer VanEck to shutter BTC futures fund

The fund’s assets under management sit at about $50 million, while a competing offering by ProShares recently eclipsed $2 billion


Vaneck head of digital assets research Matthew Sigel | DAS 2022 New York by Blockworks


VanEck said in a Wednesday news release it plans to close its Bitcoin Strategy ETF (XBTF). The fund intends to stop trading on Jan. 30. 

XBTF was one of several ETFs holding bitcoin futures contracts that began trading in late 2021. The fund has about $53 million assets under management, according to VanEck’s website.

The decision to liquidate the fund was due to factors including performance, liquidity assets under management and investor interest — as well as “other operational considerations” VanEck said in a statement. 

The fund launched in November 2021, about a month after the first bitcoin futures ETF — the ProShares Bitcoin Strategy ETF (BITO) — hit the market. 

BITO benefitted from launching first, as that fund’s assets quickly grew above $1 billion and have peaked at more than $2 billion. 

Read more: The biggest bitcoin futures ETF hits $2B AUM ahead of spot BTC fund decision

VanEck’s decision to shutter its bitcoin futures ETF comes at a time when the market is seeing significant developments in bitcoin-related financial products. The company was among the issuers who launched the first US spot bitcoin ETFs last week; a major milestone in the cryptocurrency investment space.

Some industry watchers have said they expected interest in bitcoin futures ETFs to dwindle as funds holding BTC became available. 

BITO has seen roughly $280 million of net outflows during the last two trading days, according to Bloomberg Intelligence data — while new spot funds by BlackRock and Fidelity have seen a combined $1.2 billion in net inflows since hitting the market.

Others continuing to offer bitcoin futures ETFs, for now, include Ark Invest and 21Shares, as well as Bitwise. Valkyrie in October converted its bitcoin futures ETF into one that also holds ether futures contracts.

Hashdex is in the process of converting its bitcoin futures ETF into one that offers spot BTC exposure — a change that is still under review by the US Securities and Exchange Commission.

“I think there’s still a role for futures products to play in this market,” 21Shares President Ophelia Snyder said during a November interview on Bloomberg TV. “I think that is a smaller role than what spot will play.”

Don’t miss the next big story – join our free daily newsletter.


Upcoming Events

Hilton Metropole | 225 Edgware Rd, London

Mon - Wed, March 18 - 20, 2024

Crypto’s premier institutional conference returns to London in March 2024. The DAS: London Experience: Attend expert-led panel discussions and fireside chats Hear the latest developments regarding the crypto and digital asset regulatory environment directly from policymakers and experts.

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

Research report - cover graphics (1).jpg


In this report, we dive into crypto private market data to gather insights on where the future of the industry is headed. Despite a notable downturn in private raises, capital continues to infuse promising projects that aim to transform payments, banking, consumer experiences, community, and more, with 2023 being the fourth-largest year for crypto venture capital.


Opinion: Even though I didn’t pay for my “Diamond Hands” burger with BTC, don’t let that fool you into thinking that crypto’s development is futile


The results mark “a major positive inflection point,” one analyst says, as the exchange carries net income momentum into a crypto rally


While the slate of 10 US spot bitcoin funds have tallied $4.6 billion of net inflows thus far, half of the field is lagging the leaders


Trading volumes totalled $154 billion in Q4, including $125 billion in institutional volume


DeFi on Bitcoin is all the rage right now and Stacks is positioned to benefit


The Boston Globe reports that lawyer John Deaton is weighing a possible bid