After years of hard work from several crypto companies and personalities, the US Securities and Exchange Commission (SEC) has finally approved the very first Bitcoin (BTC) futures exchange-traded fund, or ETF, in the US. The product that first got the SEC green light, ProShares’ Bitcoin Strategy ETF, will now reportedly start trading this Tuesday under the ticker BITO on the New York Stock Exchange (NYSE).
CEO of ProShares, Michael Sapir, commented on this monumental development by stating that the approval of BITO is the culmination of several years of effort from the crypto industry to convince the US regulators regarding the benefits of BTC ETFs. According to Sapir, BITO intends to build upon the legacy of previous ETFs that provided investors accessible and streamline access to a particular asset class – this time BTCs.
This past week, the public perception that the US SEC is close to finally approving the first BTC ETF in the territory was highest following various ticker updates and a new wave of BTC ETF proposals. And now that ProShares has cleared the hurdle, many believe that other SEC approvals are on the way. However, it is safe to assume that other BTC futures ETFs to get approval would resemble ProShares’s current offerings in both framework and price.