TL; Fault DR
- ProShares Bitcoin Futures ETF will be listed on the NYSE on October 19.
- Bitcoin increased by 2% after ProShares was approved.
ProShares has announced that the first Bitcoin Futures Trading Fund (ETF) will go live on the New York Mercantile Exchange (NYSE) starting Tuesday. Many institutions were waiting for the approval of the US Securities and Exchange Commission.
ProShares further announced that the ETF will be traded on the NYSE under the name “BITO”. ProShares CEO Michael L. Sapphire expressed his views in a statement,
“BITO is exposed to bitcoin for a large portion of investors who have a brokerage account and are comfortable buying stocks and ETFs, but are reluctant to go through the hassle of learning to create another account with a cryptocurrency provider … or “They are concerned that these providers may be illegal and have security risks.”
ProShares ETF to boost bitcoin price movement
The price of Bitcoin rose more than 2% as of Monday and is currently at $ 1.62 thousand. A number of institutions involved in bitcoin investing have linked this confirmation to rising BTC prices. According to Ian Balina, CEO of Token Metrics,“This will probably be the SEC’s biggest endorsement of encryption.”
According to other cryptocurrency experts, the ProShares ETF will now invest heavily in bitcoin. While dozens of bitcoin ETFs are currently awaiting SEC approval, the listing of this future bitcoin ETF will open new doors and opportunities for these institutions.
Matt Hogan is CEO of Bitwise Asset Management, which has a future Bitcoin ETF program at the SEC. He explained in a statement,
“The digital currency market was first dominated by retail exchanges like Coinbase and then dominated by things like BitMEX and Binance, and no one has updated the record or done their homework, and the homework shows that the market is changing. has done.”
This change in the market, highlighted by the CEO of Bitmex, indicates the entry of investment in the crypto market.