ProShare is the first to integrate the stock exchange with a Bitcoin ETF. It should be quickly followed by a comparable Valkyrie ETF.
Since October 19, a first Bitcoin ETF (a future) has been listed on the American stock exchange. It is ProShares, a market player specializing in ETFs, who signs this introduction.
He shouldn’t be left alone for long, however. In total, around 40 ETF applications had been filed with the office of the stock market regulator, the US SEC. And according to Bloomberg, a second BTC ETF is expected to hit the stock market as early as this week.
Two ETF BTC futures on the stock market
It is the firm Valkyrie which is at the origin. But like the ETF of its ProShares counterpart, it will be a future-type traded fund, that is, a futures contract. No ETF on the spot market (spot) is in the running to date.
According to Bloomberg, the Valkyrie ETF should therefore “probably” debut in the next few days, on October 20 or 21 more precisely. It would have already obtained the certification of the Nasdaq to appear in listing.
Investors would thus have, by the end of the week, the choice on the American stock exchanges between two ETFs on the BTC. These products will have as tickers $ BITO for the ProShare ETF and $ BTF for the Valkyrie ETF
Invesco gives up and wants spot ETF, like Grayscale
Is it now the ETF gold rush? Not so sure. The competition promises to be fierce. The (weak) differentiators between these funds could however complicate their interest. Moreover, Invesco, which also wanted to offer Bitcoin ETF futures, announces that it is withdrawing.
The firm intends to differentiate itself more clearly from other ETFs in the process of entering the stock markets. Invesco therefore withdrew its file from the SEC. He does not give up completely, however.
On October 18, he announced a new Bitcoin ETF project in partnership with digital asset specialist Galaxy Digital. This is not, however, yet another future. Its ETF is spot type this time around.
SEC silence on Spot ETFs
The SEC has not yet pronounced on this category of Bitcoin ETF, which it has always considered too risky for investors. Moreover, according to Bloomberg, the approval of such an ETF is not for now.
Another giant is determined despite everything to claim this sesame of the SEC. Grayscale, which manages a fund worth $ 38.7 billion in Bitcoin, is listed. The company wants to convert its Bitcoin Trust fund into a spot BTC ETF.
Grayscale risks, like Invesco, having to wait. The SEC has a little over 70 days after filing a case to make a decision. However, for years, the regulator seems ready to let the clock run.
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