ProShares today announced that it is opening up access to share trading on a new ETF for Bitcoin futures. The shares will be listed on the NYSE Arca under the ticker BITO.
The ProShares Fund will be the first available ETF for Bitcoin futures. However, we should expect that the US Securities and Exchange Commission (SEC) will approve the launch of similar products from other companies in the near future. For example, Bloomberg analyst James Seyffart says that the Valkirye fund is at the “threshold of approval”.
“We believe there are many investors looking forward to the launch of a Bitcoin pegged ETF. BITO will give access to this asset to a large segment of investors who manage a brokerage account and are used to trading stocks and ETFs, but do not want to get involved with creating a new account on cryptocurrency exchanges, create a Bitcoin wallet, or are afraid that such service providers do not comply with regulatory requirements and may pose additional risks, ”said ProShares CEO Michael Sapir.
Initially, it was planned that trading in BITO shares would begin on October 18, but subsequently another document was published, which announced the postponement of the ETF launch to October 19.
Note that Grayscale Investments is going to take advantage of the change in the SEC’s attitude towards cryptocurrency ETFs. We are talking about the “transformation” of the Bitcoin Trust into ETF for Bitcoin.
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