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17 Oct 2021

Possible Debut of First U.S Bitcoin futures ETF on Monday

Possible Debut of First U.S Bitcoin futures ETF on Monday

The Index Today

ProShares has indicated the launch of Bitcoin futures exchange-traded fun ETFs may happen as soon as this Monday. The Asset manager has said such an action would successfully bring the eight year wait to an end.

The Securities and Exchange Commission for the Bitcoin Strategy ETF received an updated prospectus filing from ProShares on late Friday. In the filing, it was stated that October 18th may be the fund launch date as proposed for trading on the NYSE Arca Exchange.

According to officials, the ETF industry has been working on the campaign to launch Bitcoin ETF in the industry for almost ten years. In 2013, Cameron and Tyler Winklevoss has filed for the first ever Bitcoin ETF.

For almost ten years, Bitcoin ETF has been difficult due to regulatory concerns and risks of price manipulation. However, in August, SEC head Gary Gensler said he will support CME-traded Bitcoin futures under a law from the 1940s. The new supportive mood has signaled a rush of futures-backed filings at the SEC in recent months with applications coming in from companies including Invesco Ltd, VanEck and Valkyrie, and more.

The price of Bitcoin has seen a sudden rise ahead of rumors and speculation of the U.S launch. The currency soared above $62,000 for the first time in a long while, just short of its previous recorded high of $64,869.

©Photo: Bitcoinist