The price of bitcoin was sent higher on Monday, after the SEC officially greenlighted the first US bitcoin ETF last week.
America’s first ever bitcoin-related ETF is slated to make its public debut on the New York Stock Exchange on Tuesday, after receiving SEC approval last Friday. The provider of the Bitcoin futures ETF, ProShares, revealed in a statement that its Bitcoin Strategy ETF will trade under the ticker symbol “BITO,” and will track bitcoin futures contracts.
“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… or are concerned that these providers may be unregulated and subject to security risks,” said ProShares CEO Michael L. Sapir.
ProShares made its bitcoin ETF filing with the SEC this past summer, and has now completed the 75-day duration during which the SEC could have intervened, marking a new milestone for the red-hot crypto market. In the interim, there are still four other bitcoin futures ETFs that are scheduled for review with the SEC in October, including one from Valkyrie, Invesco, Van Eck, and a second one from ProShares.
Information for this briefing was found via ProShares. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.