It’s Final, ProShares Bitcoin Futures ETF To Start Trading In the U.S. Next Week Onwards
The wait is finally over as the first Bitcoin ETF in the U.S. will start trading next week onwards as per the SEC filing. The optimism has sent Bitcoin price skyrocketing past $62,000 and there’s every possibility that we could be seeing a new all-time high as soon as this weekend.
As per the filing, the ProShares Bitcoin Strategy ETF could be coming as soon as the coming Monday, October 18. This ETF from ProShares will trade with a ticker symbol of BITO while tracking the Bitcoin futures.
The BITO shares will trade on the NYSE Arca Exchange with ProShares charging a management fee of 0.95%. Late Friday, the NYSE Arca even cited “its approval for listing” meaning the exchange will allow investors to trade the funds. A person familiar with the SEC’s decision-making has also clarified with CNBC that Proshares Strategy ETF will be allowed to begin trading next week onwards and without the SEC’s intervention.
This news is certainly exciting for the Bitcoin community which has been waiting for the last several years to have an exchange-traded fund in the market.
SEC’s Openness to Bitcoin ETF
The U.S. Securities and Exchange Commission (SEC) has recently shown its openness to approving a Bitcoin ETF product that tracks the Bitcoin futures. Post that there has been a flood of futures-backed Bitcoin ETF filings with the recent coming from Cathie wood’s Ark Invest.
The Bitcoin ETF approval is likely to bring a flood of institutional money into the market. The early signs of this are visible as Bitcoin has been strongly rallying since the beginning of October 2021. As Bloomberg report states:
An ETF should provide greater ease-of-use for retail investors looking to ride Bitcoin’s often hair-raising ups and downs. Like securities tracking oil and gold, it will change hands on relatively familiar U.S. stock-market venues, rather than in cryptocurrency or futures exchanges whose workings are imposing to some users.
The market excitement can further rally in the BTC price over the weekend. It won’t be a surprise if the Bitcoin price crosses its all-time high of $64,000 in the next few days.
- ProShares Files for Index Crypto ETF Tracking Bitcoin, Ethereum, XRP, and Solana
- Trump Says Meeting with China May Not Happen, Bitcoin Drops
- The Great Rotation? Bitcoin Rises as Gold Sees Largest Daily Drop Since 2013
- Crypto Czar David Sacks to Meet Senate Republicans In Bid To Advance Market Structure Bill
- Waller Floats ‘Payment Account’ Framework to Provide Crypto Firms Access To Fed’s Payment Rails
- Chainlink Price Eyes $27 Rebound as Whales Accumulate 54M LINK
- Pi Network Price Wedge Signals a Rebound as Key Upgrades Raise Utility Hopes
- Solana Price Eyes $240 Recovery as Gemini Launches SOL-Reward Credit Card
- XRP Price Prediction Amid Evernorth’s $1B XRP Treasury Plan – Can XRP Hit $5?
- Ethereum Price Targets $8K Amid John Bollinger’s ‘W’ Bottom Signal and VanEck Staked ETF Filing
- Pi Coin Price Eyes 50% Upswing As AI-Powered App Studio Update Ignites Optimism
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
