On Tuesday, October 19, the New York Stock Exchange (NYSE) will start trading ETF based on bitcoin futures from ProShares, according to The New York Times.
The ETF will provide investors with access to cryptocurrency directly through a regular brokerage account without the need to store digital assets.
“2021 will be remembered for this milestone,” said ProShares CEO Michael Sapir.
According to him, investors are interested in cryptocurrency, but hesitate to use unregulated digital asset exchanges. They are looking for “convenient access to bitcoin in a form that ensures market integrity,” he added.
The head of ProShares noted that the Chicago Mercantile Exchange (CME) futures-based fund is actually a bitcoin ETF, although not tied to the spot price. The latter is difficult to determine for cryptocurrency, since the difference in quotations between platforms reaches 5%, Sapir said.
Many experts believe that CME futures most accurately reflect the sentiment in the Bitcoin market.
“This is an exciting step, but not the last,” said Douglas Jones, head of NYSE’s commodities division.
In his opinion, a number of products related to cryptocurrencies will soon receive approval.
15 october SEC “Tacitly” approved the launch of a product from ProShares. The regulator did not give a response to the company’s application before the expiration of the prescribed 75-day period. Technically, this meant that the Commission did not object to the listing of the fund.
On the same day, Bloomberg added shares of the ProShares Bitcoin Strategy ETF (ticker BITO) to the terminal.
Earlier, senior ETF analyst Erik Balchunas saw a “good sign” for registering bitcoin futures funds in a product prospectus update from Valkyrie Investments and a new filing from ARK Invest. Both firms have added tickers to the form, which usually means the final stage of coordination with the regulator, he stressed.
Back in August, Balchunas suggested that the SEC would approve the first such application by the end of October.
Specialists of the analytical firm Arcane Research drew attention to the fact that in the days remaining until the end of the month, the Commission should give answers on the prospectuses of bitcoin-ETF futures from Invesco, VanEck, Valkyrie Investments and Galaxy Digital.
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