First Bitcoin ETF goes public on the New York Stock Exchange

Historically: Today, Tuesday, October 19th, the first futures-based Bitcoin ETF will be launched on the New York Stock Exchange.

With the ProShares Bitcoin Strategy ETF, the first futures-based Bitcoin ETF celebrates its debut on the New York Stock Exchange (NYSE) on Tuesday, October 19th. Under the ticker BITO, investors will in future be able to participate in the Bitcoin price without having to hold physical BTC. The responsible stock exchange regulator, SEC, had not raised any objections by the deadline and thus signaled the green light for the index fund. Futures contracts from the Chicago Mercantile Exchange (CME), which are strongly correlated with the Bitcoin spot price, serve as the underlying. Despite a number of applications, a spot ETF has not yet been approved.

The fact that the SEC would give the green light for a futures-based ETF had already been initiated in advance through statements by SEC boss Gary Genslers. This had expressly favored futures as an underlying and thus caused a rethink among the applicants. New research results, according to which the pricing mechanism depends to a large extent on futures transactions, are also likely to be decisive. Instead of crypto exchanges like Coinbase and Kraken lead futures exchanges like CME in bitcoin pricing.

There is a lot of evidence that futures prices are easier to determine than spot prices, and of course the futures market is regulated, both in terms of tamper protection and the clearing house for settlement,

says ProShares Global Investment Strategist Simeon Hyman Blockworks.

The ProShares Bitcoin Strategy ETF is also already on the New York Stock Exchange website recorded. Trading can begin at 9:30 a.m. (3:30 p.m. German time).


Further applications are awaiting approval

In addition to the ProShares Bitcoin Strategy ETF, three other BTC Futures ETFs are currently in the pipeline: Valkyrie, Invesco and Van Eck have all submitted applications that must be approved or rejected by the end of October. In view of the fact that the SEC has now jumped over its shadow, the approval of the other applications can be assumed.

By the way: The Valkyrie Bitcoin Strategy ETF will operate under the ticker BTFD. This is a meme that stands for “Buy the Fucking Dip” in Bitcoin circles.

The approval of the first Bitcoin ETF could hardly be better timed. Because the performance of the crypto currency No. 1 was already bullish in advance. Within the last seven days, Bitcoin has risen sharply again and is quoted at 62,216 US dollars by the editorial deadline.

This means that only around 2,000 US dollars, or 4 percent growth, are missing before Bitcoin prints a new all-time high. And, for once, the community agrees, it’s just a matter of time.


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