First bitcoin futures ETF may launch next Monday, BTC price climbs towards record price

The cryptocurrency market has been waiting for it for years, but it finally seems to be here. A bitcoin (BTC) may already be released next Monday exchange traded fund (ETF), or publicly traded fund, launched on a US exchange.

This is the Bitcoin Strategy ETF from ProShares. from a amendment of the application for the ETF, filed Oct. 15, it appears that ProShares plans to launch its bitcoin ETF Oct. 18. The ETF then launches under the stock sticker BITO on the New York Stock Exchange (NYSE) Arca.

However, it is still possible that the US Securities and Exchange Commission still blocks the product. That just seems very unlikely at this stage. The SEC officially has 75 days to make a decision on such an application. If it does not make a decision during that time, the product is automatically approved.

The SEC actually approved a first bitcoin ETF a week ago, but then it was a fund that invests in bitcoin companies and not bitcoin itself. Now it is a bitcoin futures ETF, such a fund follows the price of bitcoin futures and therefore does not own BTC.

So it’s not quite the bitcoin ETF the market has been waiting for for years, but it’s getting very close. Such an ETF makes investing in bitcoin accessible to institutional investors, who currently have few options in the US outside of Grayscale Investments’ bitcoin fund.

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In related news, Grayscale may also be filing an ETF application soon. The asset manager wants to convert his GBTC fund into an ETF, but the chance of an approval of a physical spot bitcoin ETF seems to be much smaller.

It is expected that when ProShares launches next week, the ETFs of Valkyrie, Galaxy Digital and Invesco may also launch within 10 days.

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