By Oluwapelumi Adejumo
Updated
3 min read
Since the news broke out that the SEC could be set to approve a Bitcoin futures ETF application, the flagship crypto asset, for the first time since its April crash, managed to go above $60,000 again.
Just recently it has become known that the ProShares Bitcoin Strategy ETF will become available for trading already next week, most likely on Monday or Tuesday, October 18 or 19.
The Bloomberg data team is said to be already working on adding the ProShares Bitcoin Strategy ETF to the terminal. The ticker of the ETF is already known, it will be traded under with a ticker BITO.
While it is no longer news that the crypto industry has fervently pursued approval for the Bitcoin futures ETF project, recent indications have emerged that the leading US financial regulator, the Securities and Exchange Commission (SEC) could be set to grant its first approval very soon.
In previous times, the commission had always rejected applications on the premise that the cryptocurrency market was full of risk for investors, and that the prices of crypto assets were vulnerable to manipulation and insufficient liquidity. This coupled with the presence of a plethora of schemes that are out to rip unsuspecting investors had always held the authorities back.
However, a Bloomberg report citing people familiar with the matter has revealed that the foremost regulator was going to start allowing Bitcoin futures ETF products to start trading by next week.
According to the report, recent applications from “Proshares and Invesco Ltd are based on future contracts and were filed under mutual fund rules that SEC chairman Gary Gensler has said provide “significant investor protection.”
When this happens, it is expected that this would mark a unique and important historical development that would help push the crypto industry forward in the United States.
Interestingly, in another development, a notice from the SEC shows that it has accepted the listing of the shares of Valkyrie’s Bitcoin Strategy ETF on Nasdaq.
Per a letter from Nasdaq’s vice president of listing qualifications, Eun Ah Choi, Valkyrie’s Bitcoin ETF shares had been certified by the regulator.
With this development, we could witness a slew of approvals from the SEC before the end of the month. As many as four futures-backed Bitcoin ETFs could begin trading on US exchanges this month, with deadlines for applications from VanEck and Valkyrie also approaching. Meanwhile, dozens of cryptocurrency exchange-traded products have launched in Canada and across Europe.
Since the news broke out that the SEC could be set to approve a Bitcoin futures ETF application, the flagship crypto asset, for the first time since its April crash, managed to go above $60,000 again. It means that the news may push the price of the coin to new heights.
As of press time, the price of the asset remains high. It is trading for $62,073, and its value is 4 percent up within the last 24 hours, according to CoinMarketCap.
Oluwapelumi is a believer in the transformative power Bitcoin and Blockchain industry holds. He is interested in sharing knowledge and ideas. When he is not writing, he is looking to meet new people and trying out new things.
