ProShares Set to Launch First Bitcoin Futures ETF in the United States
ProShares will launch the first Bitcoin futures-exchange-traded fund in America on October 19th, under the ticker BITO. The fund will be listed on the New York Stock Exchange. It is directly linked to Bitcoin futures that are traded on the Chicago Mercantile Exchange. This is a result of the Securities and Exchange Commission’s (SEC), statement that it will not prevent ETFs from being launched in the US. ProShares CEO Michael Sapir also praised this milestone as a significant achievement for digital currencies in America. Sapir says it best:
“BITO” will continue to carry on the legacy of ETFs which provide investors easy, liquid access into an asset class.
In addition, the ProShares CEO stated that, “2021 will be remembered for the first cryptocurrency-linked ETF.”
ProShares’ futures ETF will allow investors to bet on underlying assets. They do not own the underlying assets. These investors will also have a brokerage account and be open to purchasing stocks and ETFs.
The ETF request for Volt Crypto Revolution’s and Tech ETF was also approved by the SEC. This company is connected to BTC-exposure companies, such as Microstrategy and Tesla.
Bitcoin, the largest cryptocurrency by market capital, crossed $62K on Friday and has consolidated those gains this week. BTC currently stands at $62,087 as of press time