Bitcoin ETF Approved, Trading Tomorrow

The ProShares Bitcoin Strategy ETF will start trading on the New York Stock Exchange on October 19th according to both the firm and the exchange, NY Times reports.

“2021 will be remembered for this milestone,” Michael Sapir, the C.E.O. of ProShares, is quoted as saying.

“This is an exciting step but not the last,” Douglas Yones, the N.Y.S.E.’s head of exchange traded products, is quoted as saying with Yones foreseeing a range of crypto-linked ETFs getting approval eventually.

The one listed tomorrow tracks bitcoin futures only, but there are numerous other filings pending approval by December, some of which include bitcoin spot ETFs.

Grayscale is also trying to convert into an ETF after years of serving accredited investors, with the ProShares ETF potentially being just the first step into the world’s biggest market.

“I think there is a lot of excitement for regulators finally allowing a bitcoin anything on to a national securities exchange,” says Grayscale CEO Michael Sonnenshein.

“The pending launch of bitcoin ETFs on futures is testament to quality of CFTC market regulation,” said Chris Giancarlo, the pro crypto regulator who greenlighted bitcoin futures on CME against “enormous resistance.”

That paved the way for the bitcoin ETF which should pave the way for a lot more products coming to the United States.

The ETF is already up on NYSE’s website, suggesting clearly that trading is imminent eight years on after the first application for a bitcoin ETF was filed.