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The first Bitcoin futures ETF in the U.S. will open trading last week

ProShares Bitcoin Futures ETFs will open trading last week. A modified filing from the company was shown at the end of Friday, marking a milestone in the development of the US crypto industry.

The Securities and Exchange Commission has not officially approved the creation of the Bitcoin Futures ETF as of Friday afternoon, and authorities cannot officially approve it. However, the ProShares announcement shows that agencies are unlikely to block listings at this time.

NYSE Arca approved “listing approval” late Friday afternoon. This means that the exchange will allow investors to trade funds as permitted by federal law without the intervention of the SEC. Those familiar with the SEC’s decision-making have revealed that the ETF will be allowed to open trading next week, except for last-minute complaints from regulators.

The ProShares Bitcoin Strategy ETF offers exposure to Bitcoin futures contracts, but does not offer a spot market, but is traded under the ticker “BITO”.

According to the new filing, the listing offer date is Monday, but that doesn’t necessarily mean it’s the day to open the deal. It can come later in the week. ProShares declined to comment.

Cryptographic proponents have been pushing regulators to approve Bitcoin-related ETFs for years, and many are attracting a new class of investors to digital currencies with this arrival. Is expected.

Expectations for an ETF listing seem to have boosted Bitcoin prices over the past week. Cryptocurrencies have skyrocketed by more than 10% in the past week Was trading for over $ 61,000 on Friday afternoon..

Several companies, including Invesco and Valkyrie, have applied for the launch of similar ETFs that may follow ProShares in the coming weeks.

Bitcoin futures ETF approval is considered a partial victory by some of the crypto community, as the outlook for similar funds tracking Bitcoin spot market prices remains uncertain.

ETF, which stands for “Exchange Traded Fund,” is an asset that is traded in the open market like stocks and is open to general investors. Some companies, such as Grayscale, already have products that offer exposure to Bitcoin, but they are only available to qualified wealthy investors or over-the-counter markets, and stocks are the basis. Often traded at a price that does not match the cryptocurrency.

-CNBC’s Tom Franck and Tanaya Macchel contributed to this report.

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The first Bitcoin futures ETF in the U.S. will open trading last week

Source link The first Bitcoin futures ETF in the U.S. will open trading last week

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