The first Bitcoin ETF in the US will start trading next week

The wait is finally over as the first Bitcoin ETF in the United States will start trading next week, according to the SEC.

The first Bitcoin ETF in the US will start trading next week

Optimism has skyrocketed Bitcoin prices to $ 62,000 and there is every chance we could see a new all-time high this weekend.

According to SEC filings, the ProShares Bitcoin Strategy ETF could hit the market as early as Monday, October 18. This ETF from ProShares trades with the ticker symbol BITO and tracks Bitcoin futures at the same time.

BITO shares are traded on the NYSE Arca Exchange with ProShares charging a 0.95% management fee. Late Friday, the NYSE Arca even quoted its “approval to list,” meaning the exchange will allow investors to trade coins. A person familiar with the SEC’s decision-making also made it clear to CNBC that the Proshares Strategy ETF will be allowed to start trading next week without any intervention from the SEC.

This news is certainly exciting for the Bitcoin community that has been waiting to have an exchange-traded fund in the market for the past several years.

SEC-friendly attitude towards Bitcoin ETF

The United States Securities and Exchange Commission (SEC) recently expressed its openness in approving a Bitcoin ETF product that tracks bitcoin futures. Accordingly, there has been a spate of futures-backed Bitcoin ETF filings and, more recently, Cathie Woods Ark Invest.

The approval of a Bitcoin ETF has the potential to bring large amounts of institutional money to the market. The first signs of this are visible as Bitcoin has recovered strongly since the beginning of October 2021.

In a Bloomberg report, ETFs will be more user-friendly for retail investors looking to break the usual ups and downs of Bitcoin. Like oil and gold tracking securities, for some users it will switch hands on relatively well-known US stock exchanges rather than crypto exchanges or futures with related operations.

The excitement in the market could keep BTC prices high until the weekend. It won’t be a surprise if Bitcoin price breaks the all-time high of $ 64,000 in the next few days.

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