ProShares’ first bitcoin The ETF will launch on the New York Stock Exchange (NYSE) on Tuesday.
The “Bitcoin Strategy ETF (The Bitcoin Strategy ETF)”, the tracker of the Bitcoin Futures market, is set to become the first of its kind to receive approval from the United States Securities and Exchange Commission (SEC) after years of speculation and rejections. The ticker symbol for the ProShares Bitcoin ETF will be $BITO.
Michael Sapir, CEO of ProShares, said, “$BITO will be the dollar of 2021 as it will provide the opportunity for people to have easy access to Bitcoin, in a way that will be “fully integrated with the market”. cryptocurrency He will be remembered for this milestone in the world.
*PROSHARES BITCOIN FUTURES ETF WILL LAUNCH ON NYSE TUESDAY: NYT
— *Walter Bloomberg (@DeItaone) October 18, 2021
Bitcoin continued to grow in 2021 with news from countries such as El Salvador and Paraguay, after a long period of attracting the attention of many corporate firms as well as individuals, investors.
As for the Bitcoin ETF, SEC Chairman Gary Gensler also previously stated that an ETF based on the futures market has a better chance of getting “regulatory approval” than those that hold Bitcoin directly. Following this announcement, many asset managers such as VanEck, ProShare, and Widom Tree applied for the Bitcoin Strategic ETC. According to analysts, the SEC may also approve a spot ETF by early 2022.
The US approval of the ETF is thought by many to change the belief of the masses in the future of digital assets. It should be noted that there is already such an ETF approval in Europe and other countries.
While the approval of the first Bitcoin ETF is considered by many to be a positive development, a few Bitcoin advocates are speculating that the SEC will purposely approve a “Futures ETF” rather than a “Spot ETF” as they think it will give them more power to control the market. believes.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.