Bitcoin-Pegged ProShares ETF launches on NYSE when BTC price exceeds $ 63,000

The first exchange-traded fund pegged to Bitcoin (BTC) futures in the US began trading on the New York Stock Exchange, opening at a price of $ 40 per share.

According to the New York Stock Exchange, ProShares’ Bitcoin Strategy ETF is the first exchange-traded fund to give US investors direct exposure to cryptocurrency futures. opened at $ 40 per BITO share before rising 3.8% to $ 41.54 at press time. The crypto fund’s listing on a major exchange follows years of postponed decisions by the Securities and Exchange Commission (SEC), the regulatory agency responsible for giving the asset the green light.

“BITO will open Bitcoin exposure to a large segment of investors who have a brokerage account and who like to buy stocks and ETFs, but who don’t want to go through the complication and learning curve of opening another account with a cryptocurrency provider and getting a Bitcoin, or are concerned about them.” Providers are not regulated and are subject to security risks.said the CEO of ProShares on Monday, Michael Sapir.

Bitcoin-Pegged ProShares ETF launches on NYSE when BTC price exceeds $ 63,000
Bitcoin-Pegged ProShares ETF launches on NYSE when BTC price exceeds $ 63,000

The SEC first accepted the registration application for ProShares’ Bitcoin Strategy ETF on the New York Stock Exchange on Friday, shortly before listing shares of digital asset manager Valkyrie’s BTC futures ETF on the Nasdaq. The institutional asset manager Grayscale also announced on Monday that it would convert its GBTC Trust into an ETF in the future. The SEC is currently reviewing various crypto ETF applications.

“The ProShares ETF will provide better market access and ease of use for institutional investors looking to enter the cryptocurrency markets.”said Mary Beth Buchanan, Global Legal Director of the blockchain research platform Merkle Science. “The latest futures-based ETF is listed on the New York Stock Exchange and will be more familiar to institutional investors than opening individual trading accounts and trading directly on a spot or futures-based cryptocurrency exchange or trading platform.”

According to data from Cointelegraph Markets Pro, Bitcoin’s price rose after ProShares ETF shares opened for trading, rising 1.2% from $ 62,557 to a five-month high of $ 63,293. This marks a return to the crypto asset, which has moved above $ 63,000 for the first time since April, when it hit an all-time high of $ 64,863.

Similar Posts