According to the SEC filing, the first Bitcoin ETF in the United States will begin trading next week. Bitcoin’s price has soared past $62,000 as a result of the optimism, and a new all-time high could be set as soon as this weekend.
According to the filing, the ProShares Bitcoin Strategy ETF could be available as early as Monday, October 18. This ProShares ETF will trade under the ticker symbol BITO and will track Bitcoin futures.
The BITO shares will be traded on the NYSE Arca Exchange, with ProShares charging a 0.95 percent management fee. The NYSE Arca even cited “its approval for listing” late Friday, implying that the exchange will allow investors to trade the funds. A person familiar with the SEC’s decision-making process also confirmed to ULTCOIN365 that the Proshares Strategy ETF will be allowed to begin trading next week without intervention from the SEC.
This is certainly exciting news for the Bitcoin community, which has been waiting for an exchange-traded fund in the market for several years.
The SEC’s Support for a Bitcoin ETF
The Securities and Exchange Commission (SEC) of the United States recently indicated its willingness to approve a Bitcoin ETF product that tracks Bitcoin futures. Following that, there has been a flood of futures-backed Bitcoin ETF filings, the most recent of which came from Cathie Wood’s Ark Invest.
The approval of a Bitcoin ETF is expected to bring a flood of institutional money into the market. The first signs of this can be seen in Bitcoin’s strong rally since the beginning of October 2021. According to a Bloomberg report:
An ETF should make it easier for retail investors to ride Bitcoin’s often-frightening ups and downs. It will trade on relatively familiar U.S. stock-market venues, similar to securities tracking oil and gold, rather than in cryptocurrency or futures exchanges, the workings of which are unfamiliar to some users.
The market excitement may cause the BTC price to rise further over the weekend. It would not be surprising if the Bitcoin price surpassed its all-time high of $64,000 in the coming days.