Bitcoin has seen a surge in recent weeks, nearing record prices of more than $ 60,000 as crypto enthusiasts expect history to be made. ProShares will unveil a long-awaited exchange-traded fund linked to Bitcoin futures on the New York Stock Exchange tomorrow morning.
Bitcoin ETF in New York
“The year 2021 will be remembered for this achievement,“Said Michael Sapir, CEO of ProShares. Convenient access to Bitcoin in a wrapper with market integrity, he said, for investors interested in crypto but concerned about interacting with uncontrolled crypto exchanges.
For nearly a decade, crypto entrepreneurs and traditional financial institutions have applied to the Securities and Exchange Commission (SEC) for permission to launch an exchange-traded bitcoin fund in the United States, but their applications have been delayed or denied, and many still are.
At the time of writing, BTC currently stands at $ 61,775.03, up 1.23%. The trading volume of the coin over the past 24 hours is $ 37,571,996,593 along with a market cap of $ 1,164,285,888,034.
SEC chief Gary Gensler recently stated that the agency would authorize crypto ETFs based on futures betting on bitcoin price fluctuations, rather than the actual cryptocurrency itself, that are traded on a highly regulated platform.
He’s also looking to convert to an ETF after years of serving accredited investors, with the ProShares ETF possibly just the first step into the world’s largest market. He also believes that regulators have great anticipation that Bitcoin can eventually be traded on a national stock exchange.
“The quality of the CFTC market regulation is evidence of the imminent introduction of Bitcoin ETFs on futures“Said Chris Giancarlo, a pro-crypto regulator who”enormous resistance“To approve Bitcoin futures on CME.
“This is an exciting milestone, but it won’t be the last“Says Douglas Yones, Head of Exchange Traded Products at the New York Stock Exchange. He believes a multitude of crypto-linked ETFs will finally be approved.
The ETF has already been listed on the NYSE website, suggesting trading will begin soon, eight years after the first application for a Bitcoin ETF was filed.