The first Bitcoin (BTC) The US futures-linked exchange-traded fund, the ProShares Bitcoin Strategy ETF, will begin trading on the New York Stock Exchange on Tuesday under the symbol BITO.
Michael Sapir, CEO of ProShares said The launch marks a major milestone for crypto ETFs in the US after several years of effort to list one on an exchange:
โBITO will continue the legacy of ETFs that provide investors with convenient and liquid access to an asset class. 1993 is remembered for the first equity ETF, 2002 for the first bond ETF, and 2004 for the first gold ETF. 2021 will be remembered for the first cryptocurrency-linked ETF. "
Sapir went on to say that the debut of the Bitcoin ETF on the NYSE unlocks massive exposure for investors in traditional financial markets.
โBITO will open up Bitcoin exposure to a large segment of investors who have a brokerage account and are comfortable buying stocks and ETFs, but don't want to go through the hassle and learning curve of setting up another account with a cryptocurrency provider and create a Bitcoin or are concerned that these providers are unregulated and subject to security risks, "he said.
The news comes shortly after the U.S. Securities and Exchange Commission. accepted the registration request for the ProShares Bitcoin ETF on Friday. On the same day, the SEC also accepted the application for registration of shares of Valkyrie Bitcoin Strategy ETF to be listed on Nasdaq.
Related: Grayscale hints at plans to turn Bitcoin trust into BTC-settled ETF
On October 5, the SEC also approved Volt Crypto Industry Revolution and Tech ETF, a crypto ETF linked to companies with exposure to Bitcoin, including companies like MicroStrategy and Tesla.
"Although it doesn't have the actual currency, it also doesn't look like a coin-based ETF will come out this year," Volt Equity CEO Tad Park told Cointelegraph. "The next approvals will likely be futures-based ETFs that also target bitcoin exposure, but they come with their own set of problems that are not in a coin-based ETF."
Amid positive news from Bitcoin ETFs in the US, the price of Bitcoin has risen around 30% in the last 14 days. crossing $ 60,000 on Friday for the first time since April. At the time of writing, Bitcoin is Commerce at $ 61,692, an increase of around 1.3% in the last 24 hours, according to data from CoinGecko.
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