According to sources from financial media giant Bloomberg, the long wait for an exchange-traded Bitcoin product could soon be over.

Citing “people familiar with the matter”, Bloomberg reported that the US Securities and Exchange Commission is about to approve the country’s first Bitcoin futures exchange-traded funds.

Anonymous sources said:

“The regulator is unlikely to be blocking products that start trading next week.”

Futures products are likely to be the first to be approved as they are priced more cheaply by regulators. Futures contracts are operated by the Chicago Mercantile Exchange (CME) and require investors to deposit cash on margin in order to trade.

Bloomberg Senior ETF Analyst Eric Balchunas is confident that the ProShares Bitcoin Strategy ETF could be the first to hit the market as the deadline for a decision is October 18th.

In a tweet on October 15, the analyst said, “Jobs are pretty decent. Expect to start next week, “before you add” current IMO odds are over 90%. “

JUST IN: According to multiple sources confirming this, Bitcoin futures ETFs are said not to face any objection with the SEC (other than that, I hear the same thing). A lot has happened. Expected start next week. Great late night story from @kgreifeld @VildanaHajric @benbain pic.twitter.com/axT6ME4MeI

– Eric Balchunas (@EricBalchunas) October 15, 2021

SEC chairman Gary Gensler has expressed support for CME-traded bitcoin futures-based funds filed under 1940s law, adding weight to the potential for a long-awaited approval.