The US Securities and Exchange Commission (SEC) has approved the first US bitcoin futures exchange traded fund (ETF) from ProShares — Bitcoin Strategy ETF. According to filed post-effective amended prospectus, the company plans to launch trading on Oct. 18 at the New York Stock Exchange with the ticker "BITO." As of press time, bitcoin is up by over 8% and is trading at the $62,164 mark.
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ProShares's ETF is based on futures contracts under mutual fund rules. These rules, according to SEC head, Gary Gensler, provide "investor protections." While the ETF does not invest in bitcoin (EXANTE: Bitcoin) directly, it seeks to provide capital appreciation through actively managed exposure to bitcoin futures contracts.
As iHodl earlier reported, the SEC gave the green light to Volt Equity's application to launch an ETF targeting a basket of stocks of companies "revolutionizing the bitcoin industry." The instrument will start trading on NYSE Arca under the ticker BTCR in the coming weeks. About 80% of the assets under management will be made up of shares of organizations that hold bitcoin as a reserve asset or receive most of their revenue from mining, lending or trading involving cryptocurrencies.
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