The wait is finally over as the first Bitcoin ETF in the U.S. will start trading next week onwards as per the SEC filing. The optimism has sent Bitcoin price skyrocketing past $62,000 and there’s every possibility that we could be seeing a new all-time high as soon as this weekend.
As per the filing, the ProShares Bitcoin Strategy ETF could be coming as soon as the coming Monday, October 18. This ETF from ProShares will trade with a ticker symbol of BITO while tracking the Bitcoin futures.
The BITO shares will trade on the NYSE Arca Exchange with ProShares charging a management fee of 0.95%. Late Friday, the NYSE Arca even cited “its approval for listing” meaning the exchange will allow investors to trade the funds. A person familiar with the SEC’s decision-making has also clarified with CNBC that Proshares Strategy ETF will be allowed to begin trading next week onwards and without the SEC’s intervention.
This news is certainly exciting for the Bitcoin community which has been waiting for the last several years to have an exchange-traded fund in the market.
SEC’s Openness to Bitcoin ETF
The U.S. Securities and Exchange Commission (SEC) has recently shown its openness to approving a Bitcoin ETF product that tracks the Bitcoin futures. Post that there has been a flood of futures-backed Bitcoin ETF filings with the recent coming from Cathie wood’s Ark Invest.
The Bitcoin ETF approval is likely to bring a flood of institutional money into the market. The early signs of this are visible as Bitcoin has been strongly rallying since the beginning of October 2021. As Bloomberg report states:
An ETF should provide greater ease-of-use for retail investors looking to ride Bitcoin’s often hair-raising ups and downs. Like securities tracking oil and gold, it will change hands on relatively familiar U.S. stock-market venues, rather than in cryptocurrency or futures exchanges whose workings are imposing to some users.
The market excitement can further rally in the BTC price over the weekend. It won’t be a surprise if the Bitcoin price crosses its all-time high of $64,000 in the next few days.
Original Source :coingape.com
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