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ProShares Bitcoin Futures ETF to debut on NYSE tomorrow

18 Oct 2021 : 14:05
2 min read
  • The ProShares Bitcoin futures exchange-traded fund will list on the NYSE tomorrow
  • The US SEC approved the futures ETF application over the weekend
  • SEC chair has said the regulator favors Bitcoin futures ETFs over those that track Bitcoin’s spot price

The US SEC has approved the ProShares Bitcoin Futures ETF, and it will start trading soon.

ProShares Bitcoin ETF to list on NYSE on Tuesday

The New York Times has reported that the ProShares Bitcoin futures ETF will start trading on the New York Stock Exchange (NYSE) tomorrow. This comes after the fund received the regulatory approval from the US SEC over the weekend.

The report said the ETF would give investors exposure to Bitcoin without having to hold the cryptocurrency directly via any ordinary brokerage account. Michael Sapir, the CEO of ProShares, told the New York Times that

2021 will be remembered for this milestone. Investors who are curious about crypto but hesitant to engage with unregulated crypto exchanges want convenient access to Bitcoin in a wrapper that has market integrity.

This latest development comes after Cryptonary reported last week that the SEC was close to approving its first Bitcoin futures ETF. NYSE head of exchange-traded products Douglas Yones stated that although this is an exciting step, it is not the last.

More Bitcoin futures ETFs could follow

A Bitcoin futures ETF is not exactly what some purists want: a fund that holds crypto directly. However, SEC chair Gary Gensler has pointed out on numerous occasions that ETFs linked to the futures market rather than the underlying asset are more likely to win regulatory approval.

Bitcoin reached touched the $62k level a few hours ago before slightly retreating. However, with its current momentum, the leading cryptocurrency could surge past the $65k level in the coming days.

About Author

Karim Abuzeineh

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Co-Founder of Cryptonary Karim has entered the crypto industry in 2017, went through the ups and downs of the market and dedicated himself to increase his skillset and knowledge in both Fundamental & Technical analysis through the bear cycle. He is bullish.

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