ProShares Bitcoin ETF to Begin Trading Tomorrow

ProShare Bitcoin exchange-traded fund (ETF) filed this summer delayed for months has finally gotten the approval of the United States Securities and Exchange Commission (SEC). According to a filing made by the company earlier today, the said Bitcoin futures exchange-traded fund would launch this Tuesday.

Per the filing, the ProShares ETF would track the bitcoin futures market, and starting from Tuesday; it would be trading on the New York Stock Exchange under the ticker, “BITO.”

ProShares CEO Michael L. Sapir noted in a statement that his firm understands how much investors have been waiting for the launch of a bitcoin-linked ETF.

We believe a multitude of investors have been eagerly awaiting the launch of a bitcoin-linked ETF after years of efforts to launch one. BITO will open up exposure to bitcoin to a large segment of investors who have a brokerage account and are comfortable buying stocks and ETFs, but do not desire to go through the hassle and learning curve of establishing another account with a cryptocurrency provider … or are concerned that these providers may be unregulated and subject to security risks.

The approval of ProShares Bitcoin-linked ETF clearly emphasizes the position of Gary Gensler-led SEC, who has frequently said that Bitcoin ETF linked to futures are more likely to get the approval of the financial regulator.

Many crypto enthusiasts had expressed their joy and satisfaction at the new development. One of the comments came from Ian Balina, CEO of the data and analytics firm Token Metrics, who said, “This will be probably the biggest endorsement from the SEC for crypto.”

He continued that the previous position held by the regulators’ had “impeded the acceptance of crypto by retail investors” while adding that “this will be a floodgate of new capital and new people into the space.”

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