As per a recent report, the SEC approval of ProShares BTC futures ETFs to trade in the US is now official. This ETF will start trading on the NYSE on OCT. 19, under the ticker name BITO. The report also added that BITO would expose investors who do not want multiple exchange accounts to BTC.
SEC Gives the Green Light for BTC Futures ETFs
CNBC reported that the first BTC futures ETF would hit the market on Tuesday via the NYSE. The much-awaited ETF shall operate as BITO and its mother company, ProShares, to track its market history. This report comes after the SEC announced on Friday that it would allow the first-ever BTC futures ETF to trade in the US.
As a result, many exchanges like the CME are experiencing all-time highs in the number of open interest. As per the ProShares CEO, Michael L.Sapir, BITO will open up BTC exposure for investors with brokerage accounts. Sapir also added that BITO is regulated, therefore secure and free from manipulation. This decision by SEC marks a new dawn for BTC and other cryptos.
BTC Hits an Important Milestone
The value of BTC is skyrocketing and approaching an all-time high in October of 2021. This rise seems to be historical since it may even surpass the expected values due to the listing of its ETF by the SEC. The new ETF will allow investors to have access to BTC without having to hold the crypto directly.
As per Michael Sapir, the world of cryptocurrencies will remember 2021 due to this milestone. He also added that the SEC had declined ETF applications from many entrepreneurs for nearly a decade. Therefore, the first listing by the SEC should be taken as a significant success towards global crypto adoption.
However, the BTC futures ETF falls short of what some crypto purists want: a fund that holds BTC directly. Even if the SEC is yet to satisfy the purists, an NYSE executive, Douglas Yones, noted that BTC is now on an exciting step. He also said that he foresees a range of other ETFs starting to trade in the US.
US Top Regulators Dawn on Cryptos
Since the last decade, many governments have raised their concerns about the ‘magical’ currencies. The main reason for the government to have these concerns is due to masked crypto transactions. As a result, the US top regulators have also been impending some crypto projects for a while now.
However, in August, SEC chair Gary Gensler said that his agency would allow trading of futures ETF. As a result, many investors made ETF applications, but only BITO will make it to the NYSE tomorrow. Additionally, Gensler said on Friday that four more ETFs might be allowed in the coming months.
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