After years of waitingCryptocurrency investment opens to the masses with the US endorsement of a Bitcoin exchange-traded fund.
We previously reported that a Bitcoin ETF approval could come from the US before the end of this month. If the SEC followed the usual process without distinguishing between different products, ProShares’ Bitcoin futures ETF implementation was expected to be the first to receive SEC approval. The futures Bitcoin ETF offered by ProShares has been approved by the SEC.
The company’s ETF is tied directly to Bitcoin futures contracts rather than the current price of Bitcoin, but we can say that the approval in question is still a milestone for the crypto industry. Also, this futures-based ETF could be an important step towards launching a spot market-based ETF.
ETFs are investment products that track the price of stocks, commodities or other assets; They are traded on public exchanges such as stocks. ETFs have many advantages, if we consider the crypto market; We can consider it as an area where investors will feel more secure. It is a fact that there are often problems with crypto currency exchanges, and while this is the case, investors rightly want to protect themselves. Accordingly, the Bitcoin ETF could be a good option for crypto investment. Because the purchased asset actually acts as a kind of stock.
Finally, it’s worth noting that a growing number of firms await approval for their ETFs, including Mike Novogratz’s Galaxy Digital and Cathie Wood’s ARK Invest.