ProShares will launch a bitcoin futures exchange-traded fund (ETF) tomorrow, the New York Times reported in its DealBook publication.
- The U.S. Securities and Exchange Commission (SEC) greenlighted bitcoin futures ETFs on Friday.
- ProShares filed for its Bitcoin Strategy ETF this previous summer season. The fund is linked to bitcoin futures traded on the Chicago Mercantile Exchange.
- With the SEC mulling over dozens of bitcoin ETFs, Chair Gary Gensler has made it clear that funds linked to the futures market somewhat than the underlying asset are extra seemingly to win regulatory approval.
- NYSE head of exchange-traded merchandise Douglas Yones told DealBook, “This is an exciting step but not the last.”
- News of long-awaited approval for a bitcoin-related ETF despatched the world’s largest crypto by market worth to ranges not seen since April. Bitcoin climbed above $60,000 for the primary time in practically six months on Friday.
- There might be hopes that the debut of a bitcoin ETF on the NYSE will open the floodgates to a stream of comparable merchandise successful regulatory approval and accelerating the stream of funding into crypto.
Read extra: Grayscale Said Close to Filing to Convert Bitcoin Fund Into Spot ETF: CNBC
UPDATE (OCT 18, 11:51 UTC): Adds bitcoin futures to headline, quote in sixth bullet level, background beginning in third.