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SEC Approves ProShares' Bitcoin ETF, Set to Begin Trading Next Week





 Proshares's Bitcoin ETF finally gains approval from the Securities and Exchange Commission (SEC), the body announced that it had approved the first-ever Bitcoin Futures ETF in the United States. This is following months of deliberation and delays, with the commission delaying its verdict on at least a dozen or more additional Bitcoin ETF applications.

Proshares, the asset management firm that filed its ETF earlier this summer, is set to launch as early as next week. In its amended prospectus updated on Oct. 15, Proshares stated on his Twitter status that its ETF is expected to launch on Monday, Oct 18, 2021. 

What is ETF?

An exchange-traded fund (ETF) is a fund that can be traded on an exchange like a stock, meaning it can be bought and sold throughout the day. ETFs often have lower fees than other types of funds. Depending on the type, ETFs have varying levels of risk.
But like any financial product, ETFs aren't a one-size-fits-all solution. Evaluate them on their own merits, including management cost and commission fees (if any), how easily you can buy or sell them, and their investment quality.

Without a doubt, Bitcoin ETF approval by SEC is a historic moment for the cryptocurrency space. serving as a regulated alternative to directly holding the underlying digital asset, an accessible exchange-traded fund will mean an influx of funds from retail and institutional investors alike.

ProShares' Bitcoin ETF will function in a way where the ETF will track Bitcoin futures, rather than the price of the digital asset directly similar to that of  Grayscale's GBTC. SEC Chair Gary Gensler stated that future-based products will likely provide stronger investor protections due to the stringent securities laws they must operate under.

The Effect On Bitcoin Price

The news of the Proshares' Bitcoin ETF approval has since sent the crypto markets higher, with BTC nearing its all-time high price of $63,000. The price of BTC peaked at $62,600, but at the time of writing this article, Bitcoin priced at $61,500 up 4.44% in the past 24 hours alone.

According to CoinMarketCap, the major cryptocurrency has reclaimed its $1 trillion market capitalization, comfortably sitting at $1.15T. Ethereum and other major altcoins reacted positively to the news, closing in on their respective all-time high prices.


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