HomeCryptoProShares Bitcoin ETF to debut on NYSE on Oct. 19

ProShares Bitcoin ETF to debut on NYSE on Oct. 19

The first Bitcoin (BTC) futures-linked exchange-traded fund within the United States, ProShares’ Bitcoin Strategy ETF, will start buying and selling on the New York Stock Exchange on Tuesday beneath the ticker BITO.

ProShares CEO Michael Sapir stated the launch marks an necessary milestone for cryptocurrency ETFs within the U.S. following a number of years of effort to listing one on an change:

“BITO will continue the legacy of ETFs that provide investors convenient, 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.”(*19*)

Sapir went on to say that the Bitcoin ETF’s debut on NYSE unlocks huge publicity for traders in conventional monetary markets.

“BITO will open up exposure to Bitcoin to a large segment of investors who have a brokerage account and are comfortable buying stocks and ETFs, but do not desire to go through the hassle and learning curve of establishing another account with a cryptocurrency provider and creating a Bitcoin wallet or are concerned that these providers may be unregulated and subject to security risks,” he stated.

The information comes shortly after the U.S. Securities and Exchange Commission accepted the registration request for ProShares’ Bitcoin ETF on Friday. On the identical day, the SEC additionally accepted the registration request for shares of Valkyrie’s Bitcoin Strategy ETF for itemizing on Nasdaq.

Related: Grayscale hints at plans to convert Bitcoin belief into BTC-settled ETF

On Oct. 5, the SEC additionally permitted Volt Crypto Industry Revolution and Tech ETF, a crypto ETF linked to firms with Bitcoin publicity, together with companies like MicroStrategy and Tesla.

“Though it isn’t holding the actual coin, it doesn’t look like a coin-based ETF will be coming out this year either,” Volt Equity CEO Tad Park informed Cointelegraph. “The next approvals will probably be futures based ETFs which also aim for bitcoin exposure, but they come with their own set of problems that isn’t in a coin-based ETF.”.

Amid optimistic Bitcoin ETF information within the U.S., Bitcoin’s value has surged round 30% over the previous 14 days, crossing $60,000 on Friday for the primary time since April. At the time of writing, Bitcoin is buying and selling at $61,692, up round 1.3% over the previous 24 hours, in accordance to knowledge from CoinGecko.