ProShares will launch a bitcoin futures exchange-traded fund (ETF) tomorrow, the New York Times reported in its DealBook newsletter.
The U.S. Securities and Exchange Commission (SEC) greenlighted bitcoin futures ETFs on Friday.ProShares filed for its Bitcoin Strategy ETF this past summer. The fund is linked to bitcoin futures traded on the Chicago Mercantile Exchange.With the SEC mulling over dozens of bitcoin ETFs, Chair Gary Gensler has made it clear that funds linked to the futures market rather than the underlying asset are more likely to win regulatory approval.NYSE head of exchange-traded products Douglas Yones told DealBook, “This is an exciting step but not the last.”News of long-awaited approval for a bitcoin-related ETF sent the world’s largest crypto by market value to levels not seen since April. Bitcoin climbed above $60,000 for the first time in nearly six months on Friday.There will be hopes that the debut of a bitcoin ETF on the NYSE will open the floodgates to a stream of similar products winning regulatory approval and accelerating the flow of investment into crypto.
Read more: Grayscale Said Close to Filing to Convert Bitcoin Fund Into Spot ETF: CNBC
UPDATE (OCT 18, 11:51 UTC): Adds bitcoin futures to headline, quote in sixth bullet point, background starting in third.