Categories: Bitcoin

[HOT]: SEC approves ProShares’ first Bitcoin ETF

The United States Securities and Exchange Commission (SEC) has accepted an application to register securities of ProShares’ Bitcoin Strategy ETF, the shares of which will be listed on the New York Stock Exchange according to a notice dated October 15 to Arca.

The ProShares Trust Bitcoin Portfolio Swap offers exposure to crypto assets in futures contracts. In addition, once it went into effect, ProShares filed a revised prospectus stating that their ETF could hit the market as early as October 18th.

The source: SEK

The assets will be listed on the NYSE Arca if the SEC formally approves the application. Bloomberg analyst James Seyffart has reported that ProShares’ Bitcoin Strategy ETF with the symbol BITO is trading at 95 basis points.

The price of BITO will be less than half the 2% fee charged by Grayscale Investment’s Bitcoin Trust (GBTC), which the company plans to convert into an ETF. Grayscale’s CEOs have asked the SEC to allow the conversion at the same time as approving ETFs investing in Bitcoin futures in order to maintain a “level playing field”. But now the Bitcoin futures-based ETF seems just a few days away from being launched.

Industry observers have predicted that ProShares could win the eligibility race as it was the first proposal filed under the Investment Companies Act of 1940 – just before Invesco and Valkyrie. SEC Chairman Gary Gensler said in a virtual forum in August that Proposition 40 offers “significant investor protection.”

Now it seems unlikely that the SEC will approve all of the proposed Bitcoin futures-based ETFs at once.

ProShares’ potential listing comes after the company withdrew its Ether ETF application in August, at which point ProShares said it had not yet sold any securities in connection with the potential offering.

This positive signal helped push Bitcoin price above the $ 61,000 mark last night. The price is currently up over 7% and is trading at $ 61,355 at press time.

Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews

Annie

According to Cointelegraph

Follow the Youtube Channel | Subscribe to telegram channel | Follow the Facebook page

CoinX

Recent Posts

Best New Meme Coins to Join for 2025: BTFD Coin Leads, Popcat Keeps It Purr-fect, and Non-Playable Coin Hits Gamers Hard

Discover the Best New Meme Coins to Join for 2025. BTFD Coin's price rollback offers…

1 hour ago

Solana memecoins crash while DTX Exchange hits 100,000 TPS on layer-1 blockchain

Discover how DTX Exchange's historic achievement of 100,000 transactions per second on a layer-1 blockchain…

2 hours ago

Strategic Bitcoin Reserve Expected to Cut 35% of US National Debt by 2049

VanEck suggests the U.S. could reduce its national debt by 35% by 2050 through a…

2 hours ago

The New Lead of Presidential Crypto Council Appointed by Trump Is Bo Hines

President-elect Donald Trump named Bo Hines as the executive director of the presidential crypto council.

2 hours ago

Best New Meme Coins with 1000X Potential: BTFD Coin’s Hot BIG50 Discount As Baby Doge Coin, Dogs Takes Gaming to the Next Level

Explore the best new meme coins with 1000X potential. Learn how BTFD Coin leads with…

3 hours ago

BlockDAG Surges Past $170M as BDAG250 Bonus End Countdown Begins – Aave Targets $400 & Solana Shines with Scalability

BlockDAG crosses $170.5M in presale success with BDAG250 bonus and Whitepaper V3 launch! Solana grows…

5 hours ago

This website uses cookies.