There has been a new development in the ETF, which Bitcoin and crypto money investors are closely following.
According to the latest information, ProShares’ Bitcoin futures ETF, which is expected to start trading today, has been confirmed and will start trading tomorrow.
According to The New York Times, the ETF has been confirmed and will begin trading on the New York Stock Exchange.
It was stated that ProShares’ Bitcoin futures ETF will launch on Tuesday, October 19 with the code BITO.
*PROSHARES BITCOIN FUTURES ETF WILL LAUNCH ON NYSE TUESDAY: NYT
— *Walter Bloomberg (@DeItaone) October 18, 2021
What Happened?
No Bitcoin ETF approval has yet been received from the SEC for spot Bitcoin transactions. The ETF that ProShares will launch will be a fund based on Bitcoin futures.
The ETF in question will be the first crypto futures-based product listed on US exchanges.
In September, we reported that the SEC and SEC Chairman Gary Gensler were keen on Bitcoin futures ETFs and pointed to October. We believe that this approach was instrumental in the SEC’s opposition to ProShares’ application.
Technically, the SEC’s explicit approval is not needed for this ETF to be launched. It seems sufficient that the SEC does not oppose it.
Under US law, such ETF applications can be filed 75 days after the filing date, unless a decision is made by the SEC. This is how ProShares’ Bitcoin futures ETF is also being released.