Bitcoin exchange-traded funds [ETF] have tried long and hard to make a debut in the US. This could finally be changing as ProShares’s application managed to garner the approval of the Securities and the Exchange Commission [SEC]. Just yesterday, Bloomberg shared a report noting that the USA would be getting its very first Bitcoin ETF and the SEC didn’t take too much time to make it official.
The SEC amassed immense hostility for its decisions pertaining to Bitcoin ETFs. An array of applications were shown the door after being time and again delayed. Many from the crypto community hoped that this would be changed with the departure of Jay Clayton and the arrival of Gary Gensler, the former and current chairman of the SEC, respectively.
The gods had finally answered the prayers of the US citizens as the SEC gave a green signal to ProShares Trust’s Bitcoin ETF. This would mean that ProShares would be listing its shares on the New York Stock Exchange’s Arca. The firm’s ETF would reportedly be rolled out by 18 October 2021 following the filing of a post-effective amendment prospectus.
James Seyffart from Bloomberg tweeted about the same and stated,
“There it is! Bloomberg’s data team in the process of adding the ProShares Bitcoin Strategy ETF to the terminal. Ticker will be $BITO. 95 bps — less than half $GBTC’s 2% fee. This thing is going live next week. Either Monday or Tuesday.”
Back in August, ProShares along with VanEck decided to pull the plug on their Ether ETF filings. While several expressed angst over this, the approval of a Bitcoin ETF was a relief to many.
Bitcoin [BTC] pushes beyond $60K
Bitcoin [BTC] was sitting below the $60K zone for the longest time now. The king coin witnessed a massive plummet from an all-time high of $64K. During the time of writing, BTC had not only hit $60K but even made it past this zone. BTC was trading for $61,359 with a 3.41% surge in the last 24-hours. The entire week was certainly beneficial to the asset as it acquired gains of about 11%.
Additionally, Bitcoin’s market cap was at a high of $1.15 trillion.