Bitcoin ProShares ETF: Available Today on Investing.com! By Investing.com – Investing.com France

Investing.com – It’s an important day for this Tuesday, with the launch and start of trading of the first Bitcoin ETF based on CME futures, the “ProShares Bitcoin Strategy ETF” as soon as the US stock exchanges open. .

The highly anticipated Bitcoin ETF from ProShares, will start trading on the NYSE on Tuesday under the ticker “BITO”, is already available on Investing.com here (Listing will start at 3:30 p.m. this Tuesday).

“We believe a multitude of investors have been eagerly awaiting the launch of a linked ETF after years” of SEC rejection, Michael L. Sapir, CEO of ProShares, said in a statement Monday.

The “BITO ETF will open up bitcoin exposure to a large segment of investors who have a brokerage account and are comfortable buying stocks and ETFs, but do not wish to go through the hassle and curve of the market. ‘learning how to set up another account with a cryptocurrency provider … or are concerned that these providers may be unregulated and subject to security risks. “

Recall that many analysts believe that the current wave of Bitcoin’s rise is essentially linked to the anticipation of this event.

Indeed, since 2017, at least 10 asset managers have applied for approval to launch bitcoin spot ETFs. They were all rejected by the Securities and Exchange Commission, at the time headed by Jay Clayton, who justified their refusals by the lack of evidence that the Bitcoin market is resistant to manipulation. With each rejection, we have seen a certain weakness in Bitcoin, showing the importance of this subject for crypto investors.

But the vision of the SEC changed when Gary Gensler took over as its head. In August, he said he would favor Bitcoin ETFs based on futures, which had led to a vague demand for such ETFs. The market then returned to hope that the SEC would finally validate a Bitcoin ETF, which had pushed the cryptocurrency up.

And while futures-based Bitcoin ETFs might be seen as a less attractive option for investors, and less bullish for BTC than ETFs that would directly buy crypto, this is a big step for Bitcoin and the cryptocurrency industry in general, which will benefit from a considerable notoriety and credibility boost thanks to the ETF ProShare Bitcoin Strategy.

Finally, it should be noted that it is unlikely that the SEC will leave the exclusivity of the market to ProShare for too long. The SEC must indeed deliver its verdict on other Bitcoin Futures ETF proposals before the end of the month, and it is therefore very likely that other products of the same type will be put on the market in the coming weeks.