First Bitcoin ETF to debut on the New York Stock Exchange on October 19

The first exchange-traded fund (ETF) pegged to Bitcoin (BTC) futures in the US, Bitcoin strategy ETF by ProShares, trades under the symbol BITO on the New York Stock Exchange (NYSE) on October 19.

Michael Sapir, CEO of ProShares, said the launch marks a major milestone for crypto ETFs in the United States after several years of trying to list one on an exchange:

BITO will continue the legacy of ETFs, which offer investors convenient and liquid access to an asset class. 1993 will be remembered for the first equity ETF, 2002 for the first bond ETF, and 2004 for the first gold ETF. 2021 will be remembered for the first cryptocurrency-linked ETF. “

Sapir went on to say that the Bitcoin ETF’s debut on the NYSE opens massive exposure for investors in traditional financial markets.

First Bitcoin ETF to debut on the New York Stock Exchange on October 19
First Bitcoin ETF to debut on the New York Stock Exchange on October 19

BITO will open Bitcoin exposure to a large segment of investors who have a brokerage account and would like to buy stocks and ETFs but don’t want to go through the complication and learning curve to set up another account with a cryptocurrency provider and create Bitcoin, or fear that these providers are unregulated and subject to security risks, ”he said.

The news comes shortly after the US Securities and Exchange Commission (SEC) accepted the registration application for the ProShares Bitcoin ETF on October 15. On the same day, The SEC has also accepted an application to register the shares of the Valkyrie Bitcoin Strategy ETF for listing on the Nasdaq.

This story is in progress and could be updated.

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