After years of effort and waiting, finally, we have the good news. ProShares announced that its Bitcoin Strategy, the first Bitcoin futures Exchange-Traded Fund (ETF) in the United States, will start trading on the NYSE (New York Stock Exchange) from October 19 onwards under the ticker BITO.
Michael Sapir, the CEO of the company, believes that this launch is an important milestone for cryptocurrencies, especially Bitcoin ETF in the United States. He said:
“BITO is going to continue the legacy of ETFs that offer investors convenient, liquid access to an asset class. As 1993 is remembered for the first equity ETF, 2002 for the first bond ETF, and 2004 for the first gold ETF, 2021 will also be known for the first cryptocurrency-linked ETF.”
Sapir further added that the Bitcoin ETFs debut on the stock exchange would bring massive exposure to traditional market investors.
SEC approved the ProShares an Nasdaq ETF
It is important to note that the U.S. Securities and Exchange Commission (SEC), on the recent Friday, accepted the request by ProShares for its Bitcoin ETF. Also, TheCoinRise questioned the Nasdaq Bitcoin ETF approval and the points which make it a strong candidate for acceptance, and soon, on the same day, SEC approved it.
Before this, on October 5, the SEC approved Volt Crypto Industry Revolution and Tech ETF. It was based on linking companies with BTC exposure, including Tesla and MicroStrategy. The CEO later said that the SEC chair is pro-Bitcoin, but misunderstood.
With the speculation of rolling out of many more Bitcoin ETFs by market Pandits, the price of Bitcoin surged by more than 30% in the last 14 days. The king coin is currently trading above $61,000. With ProShares’ announcement of the listing of the ETF on NYSE, if it breaches the $61,800 resistance level, we can expect a new all-time high (ATH) soon.