The first Bitcoin ETF from ProShare will debut on the New York Stock Exchange (NYSE) on Tuesday. This BItcoin ETF strategy that tracks the market price of Bitcoin Futures from ProShare will be the first to get approval from the United States Securities and Exchange Commission (SEC) after years of being rejected. The ticker symbol for the ProShares Bitcoin ETF is $ BITO.
ETFs will invest primarily in bitcoin futures contracts and not invest directly in bitcoin. The company said BITO can be traded like stocks and does not require investors to have an account on a crypto exchange or a crypto wallet.
ProShares became the first company to get SEC approval in Bitcoin ETFs. 2021 has proven to be the year of Bitcoin because not only retail and institutional investors are jumping into the Bitcoin market but several countries including El Salvador and Paraguay are also participating.
Regarding Bitcoin ETFs, SEC chairman Gary Gensler has previously hinted that ETFs are futures market-based hence legislation is easier to implement. On this basis, ETF analysts believe the SEC is likely to approve spot market ETFs in the first quarter of 2022.
The approval of the first Bitcoin ETF in the US will allow investors to invest more safely. Although Europe and North America have approved some forms of crypto ETFs yet many believe the approval from the SEC will change the future of crypto as the ETF market is 7x bigger.
While the approval of the Bitcoin ETF first got the attention of many parties with the SEC having approved the ETF futures market. It has given some relief to crypto players.
Futures ETF news has pushed the price of bitcoin up 6% to $ 62,667.51 on Monday.
