Bitcoin-Linked ProShares ETF will launch on NYSE when BTC price drops above $ 63,000
According to the New York Stock Exchange, ProShares’ strategic Bitcoin (BTC) ETF, the first exchange-traded fund to give US investors direct exposure to crypto futures, opened for $ 40. per BITO share before rising 3.8% to $ 41.54 at press time.
A crypto fund’s admission to a major exchange comes after years of delayed decisions by the Securities and Exchange Commission (SEC), the regulator responsible for releasing the asset.
Welcome NYSE @ProSharesETF for the anniversary of the first US Bitcoin-linked ETF $ BITO https://t.co/0qh0NDS2d4
– NYSE (@NYSE) October 19, 2021
“BITO will expand its Bitcoin exposure to a large segment of investors who have broker accounts and who like to buy stocks and ETFs but don’t want to go through the complicated and learning curve of opening another account with a crypto provider and creating a Bitcoin wallet or are concerned that these providers may not be regulated and subject to a security risk, ”said Michael Sapir, CEO of ProShares, on Monday.
The SEC first accepted an application to register ProShares’ Bitcoin Strategic ETF with the NYSE on October 15, just before the shares of digital asset manager Valkyrie’s BTC futures fund were listed on the Nasdaq.
The institutional asset management company Grayscale also announced on October 18 that it would convert the GBTC Trust into an ETF in the future. The SEC is currently reviewing several crypto ETF applications.
“The ProShares ETF will provide better market access and ease of use for institutional investors who wish to participate,” said Mary Beth Buchanan, global legal director at the blockchain investigation platform Merkle Science. “The latest futures-based ETF is traded on the NYSE and will be more familiar to institutional investors than opening a personal trading account and trading directly on a cryptocurrency exchange. Cryptocurrency exchange or exchange based on spot or futures.”
Related: Traders are celebrating Bitcoin’s upcoming ETF, but options markets are less secure
According to data from Cointelegraph Markets Pro, after the shares of the ProShares ETF were opened for trading, Bitcoin price rose 1.2% from $ 62,557 to a five-month high of $ 63,293.. This brings the crypto asset back above $ 63,000 for the first time since April, when it hit an all-time high of $ 64,863.