On late Friday, October 15, US SEC approved the first Bitcoin futures ETF of ProShares. ProShares is a US provider of specialized exchange-traded products like leveraged, inverse, and volatility traded instruments. It will start trading next week according to an amended filing from ProShares.
The announcement was made soon after five commissioners from SEC met to examine the matter. This news is no less than a huge milestone achievement of the crypto industry in the US.
ProShares filed its application in August; it is set to launch its Bitcoin Strategy ETF next week after approval. These strategy shares will be listed on the NYSE’s (New York Stock Exchange’s) Arca. Now ProShares asset management firms can allow investors to trade the funds under federal law’s compliance with no SEC intervention.
Today is the proposed date for the listing, according to the new filling. However, it doesn’t imply when exactly it will start trading. The ProShares Bitcoin strategy ETF will trade under the ticket “BITO” and expose Bitcoin futures contracts.
Bitcoin’s prices topped the charts soon after the approval of Bitcoin Futures ETF. BTC surged more than 10% in the past week and is trading at $62,240$ at the time of writing. With the announcement of ProShares’ approval, it is anticipated that SEC will probably approve further listings of Bitcoin futures ETF soon.