TL;DR Breakdown
- ProShares Bitcoin future ETF will be listed on NYSE on October 19.
- Bitcoin rose by 2% after the confirmation by ProShares.
ProShares has announced that the first Bitcoin futures exchange-traded fund (ETF) will now be live from Tuesday on the New York Stock Exchange (NYSE). Numerous institutions were waiting for this confirmation by the United States Securities and Exchange Commission.
ProShares further announced that the ETF will be trading on the NYSE under the name “BITO.” ProShares Chief Executive Officer Michael L. Sapir explained his vision in his statement,
“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.”
Bitcoin’s price rose by more than 2% by Monday and is currently at $62.1k. A number of institutions involved with Bitcoin investment connect this approval to BTC’s price rise. According to Ian Balina, the CEO of Token Metrics, “This will probably be the biggest endorsement from the SEC for crypto.”
According to other cryptocurrency experts, ProShares ETF will now boost a lot of investment in Bitcoin. While dozens of Bitcoin ETFs are currently pending approval with the SEC, the listing of this new Bitcoin futures ETF will open new doors and opportunities for these institutions.
Matt Hougan is the CEO of Bitwise Asset Management, which also has a Bitcoin futures ETF application pending with the SEC. He explained in a statement,
“The crypto market was first led by retail exchanges like Coinbase and then dominated by things like BitMEX and Binance, and no one has updated the record or done the homework, and the homework shows the market has changed.”
This change in the market highlighted by the Bitmex CEO indicates the investment inflow in the crypto market.
