The US Securities and Exchange Commission (SEC) is giving greenlit of the country’s first Bitcoin futures exchange-traded fund (ETF).
Accordingly, ProShares, an ETF provider, files a post-effective amendment prospectus on Friday. Which, states the company plans to launch the BTC Futures ETF on Monday. This means, a greenlight that the SEC is approving the product.
Furthermore, The fund do not invest directly in Bitcoin. However, it provides price exposure to Bitcoin futures contracts. Which, happen to be a first in the US.
According to Both Bloomberg and CNBC reports, shows that the SEC plans to approve BTC futures ETFs from ProShares. Also, one from the independent investment firm Invesco Ltd.
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Additionally, Invesco’s ETF is also ready to provide exposure to a collection of exchange-traded products (ETPs). Then, also private investment trusts that hold Bitcoin. Instead of, direct investments in BTC itself.
Lastly, SEC Chairman Gary Gensler says last month that he’s open to ETFs for Bitcoin futures. More so, going further to state that they are under mutual fund guidelines. That is, they provide “significant investor protections.”
Currently, Bitcoin is trading at around $62,112.38, representing an over 7% in the past day. Notably, its now more than 40% in the past two weeks, according to CoinGecko. SEC….
More so, BTC hit its all-time high of $64,804.72 in mid-April.
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