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Odaily Translator | Nian Yin Si Tang

Summary:

Summary:

- The ProShares Bitcoin Strategy ETF will open trading under the symbol "BITO," which will provide exposure to Bitcoin futures contracts rather than spot market exposure.

- As of Friday afternoon, the U.S. Securities and Exchange Commission (SEC) had not formally announced its approval for the creation of a bitcoin futures ETF.

- New filings show the ETF's proposed listing date is Monday, but that doesn't necessarily mean trading will begin on Monday. Further information may be announced later this week.

The U.S. Securities and Exchange Commission (SEC) approved a bitcoin futures ETF for the first time on Friday, following a meeting of five commissioners. An amended filing by ProShares later in the day showed that the firm’s bitcoin futures ETF, which it filed for over the summer, will begin trading next week, marking a milestone in the development of the U.S. crypto industry.

As of Friday afternoon, the U.S. Securities and Exchange Commission (SEC) had not officially approved the creation of a bitcoin futures ETF, and it looks like the agency may never formally announce its approval. But ProShares’ statement suggests the agency is unlikely to prevent the firm from listing its bitcoin strategy ETF for now.

NYSE Arca (NYSE High Growth Market) announced late Friday afternoon that it was "approved to list," meaning the exchange will allow investors to invest in these securities in accordance with federal law without interference from the SEC. Funds trade. A person familiar with the SEC's decision clarified that the ETF will be allowed to start trading next week, with no last-minute complaints from the regulator allowed.

Bloomberg

Bloombergto reportThe bitcoin futures ETF could start trading as early as Monday, the Wall Street Journal said.expectedexpected

, the product will start trading on Tuesday. The latter also said that BITO issued by ProShares may be the first in a series of bitcoin futures-based ETFs. Valkyrie Investments, Invesco and VanEck are all likely to be approved to issue their own bitcoin futures ETFs this month. , Bitwise, BlockFi and ARK Investment Management are likely to be approved to launch products in November and December.

ETF refers to "Exchange Traded Fund", which is an asset that is traded in the open market like a stock and is open to ordinary investors. Some firms, such as Grayscale, already have products that offer exposure to bitcoin, but these are only available to qualified high-net-worth investors, or in over-the-counter markets, where product shares often trade at prices that don’t match the underlying cryptocurrency.

Cryptocurrency advocates have been pushing for years for regulators to approve a bitcoin-linked ETF, the arrival of which many expect will bring a new class of investors to bitcoin.

According to CoinDesk

According to CoinDeskto reportto report