ProShares, which has recently launched the first US Bitcoin futures ETF (BITO), has filed an application with the CME to remove restrictions on the maximum allowable volume of purchase contracts, the company's CEO Michael Sapir has said.
The company's CEO has also announced his intention to seek permission for BITO to invest in other types of derivative contracts: contracts with "long" maturities, swaps or structured notes.
According to BITO's prospectus, the asset management firm "after consultation with the Staff of the SEC" may invest in other products related to the price of the digital gold. Examples include shares of Riot Blockchain and MicroStrategy. Purchases of instruments based on other cryptocurrencies are not excluded.
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CME limits the number of contracts with the closest maturity to 2,000 (starting in November the limit will increase to 4,000). The total number of such derivatives is limited to 5,000.
As of October 22, BITO had 1,679 October and 2,133 November contracts for a total value of $1.17 billion, i.e. ProShares used 76% of the total limit.