The VanEck BTC Futures ETF ended its first day with $ 9.6 million in assets under management while Bitcoin price fell below $ 60,000 as we can see more in today’s Bitcoin news.

It was a fairly volatile day for Bitcoin and an even worse day for VanEck’s ETF than its competitors. The VanEck BTC Futures ETF ended its first day lower than its peers while Bitcoin price fell below $ 60,000 for the first time in two weeks and then rebounded slightly to hit 59,966 by the time it entered the market.

VanEck’s XBTF traded 38,398 shares on day one at $ 59.73 per share, well below the opening price of $ 60. The ETF manages roughly $ 9.6 million in assets from the company, and it just marks a bittersweet debut for the company, whose spot-market BTC ETF was rejected by the SEC after regulators raised ongoing concerns about tampering and fraud cited the cryptocurrency market.

The app is still waiting for a decision by the regulatory authority from 2017. Kyle DaCruz, Digital Asset Product Manager at VanEck, stated:

“Of course we were disappointed when we heard about the decision to buy a physical product, and we continue to view it as a premium product. However, given that decision, we felt it was very important – and to be honest, we are very excited – to manage Bitcoin-linked markets for investors in an exchange-traded fund. ”

Spot prices refer to the real-time value of an asset, and futures contracts are agreements to buy the asset later at a closing price. DaCruz added that VanEck plans to keep working and launch a spot product, but cannot say exactly when it will happen. Currently, its BTC futures ETF has two main competitors. The Bitcoin Proshares strategy is the first Bitcoin futures ETF to gain SEC approval and has amassed a record $ 1.1 billion in its first few days of trading and has remained constant at $ 1.05 billion . The Valkyrie Bitcoin strategy was launched three days later and manages around $ 500 million.

DaCruz added that the VanEck ETF has two main advantages: low fees of 0.65 basis points compared to 0.95 for BITO and BTF, and a C-Corp structure that allows it to carry losses forward. This means that if the ETF ends the year with losses, they can be carried forward and deducted from annual profits, meaning that investors can use other past losses to reduce their losses. He was careful to ensure that C-Corp is not necessarily the right structure for ETFs around the world, but most are structured like RICs or managed investment firms. VanEck believes this will be a great idea for any product tied to BTC due to the volatility of the cryptocurrency.