The Bitcoin ETF has formally been approved to start trading tomorrow after the Securities & Exchange Commission issued no decline.
On October 19th (tomorrow), the ProShares Bitcoin Strategy ETF will begin trading on the NY Stock Exchange according to both the company and the exchange, New York Times records.
“The year 2021 will be remembered for this milestone,” says Michael Sapir, the head of ProShares.
“This is an exciting step but not the last,” says Douglas Yones, the NYSE’s head of exchange-traded items. Yones predicts the authorization of a range of crypto-linked ETFs at some point.
The one set for tomorrow tracks BTC futures only. Yet, several other filings await approval by December, a few of which include bitcoin spot ETFs.
In addition, Grayscale is trying to convert into an ETF, having served accredited investors for years, with the ProShares ETF possibly being just the 1st step into the globe’s largest market.
“There is a lot of enthusiasm for regulators finally allowing a bitcoin anything on to a national securities exchange,” states Grayscale CEO Michael Sonnenshein.
“The pending launch of bitcoin ETFs on futures is testament to the quality of CFTC market regulation,” said Chris Giancarlo, the pro-crypto regulator who greenlighted bitcoin futures on CME against “enormous resistance.”
That laid the foundation for the bitcoin ETF to lead the way for many products coming to the United States.
The ETF is currently up on NYSE’s website, hinting that trading is almost certain eight years after the first Bitcoin ETF application was filed.
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