ProShares Bitcoin futures ETF to launch Tuesday; GBTC prepping ETF conversion

Oct. 18, 2021 8:47 AM ETBitcoin USD (BTC-USD), GBTCBy: Jason Capul, SA News Editor57 Comments

Bitcoin Cryptocurrency concept

Olemedia/E+ via Getty Images

  • Financial markets are readying for the expected launch of the first U.S. Bitcoin futures ETF on Tuesday. The ProShares Bitcoin ETF (BITO) is meeting with no obstructions from regulators in advance of a deadline Monday for them to raise objections.
  • According to The New York Times, the New York Stock Exchange is therefore preparing to list the fund on Tuesday, as the firm and the exchange told DealBook.
  • Bitcoin fans have long been waiting for the approval of exchange traded funds that can hold crypto assets.
  • The U.S. Securities and Exchange Commission has yet to authorize ETFs that directly hold Bitcoin (BTC-USD) or other cryptocurrencies. However, the ProShares Bitcoin Strategy ETF (BITO) appears poised to become the first U.S. ETF authorized to hold Bitcoin futures. Other ETF firms are waiting for approval to launch similar funds.
  • Grayscale Investments now intends on filing a submission to convert GrayScale Bitcoin Trust (OTC:GBTC) which has $38.7B assets under management into a spot ETF, as reported by CNBC on Friday evening.

  • Bitcoin has been on a tear of late as market participants have piled into the crypto asset in anticipation of Tuesday's big launch.
  • ProShares CEO Michael Sapir told the Times that “2021 will be remembered for this milestone.”
  • Per the prospectus, BITO will have an expense ratio of 0.95%.
  • Bitcoin is currently up on Monday 0.31%. Moreover, it is also up 29.39% over the past month and +91.61% over the past three months, now trading at $60,800.
  • The new ETF's launch could give BTC the boost it needs to retake its all-time high of $64,869.

Recommended For You

Comments (57)

To ensure this doesn’t happen in the future, please enable Javascript and cookies in your browser.
Is this happening to you frequently? Please report it on our feedback forum.
If you have an ad-blocker enabled you may be blocked from proceeding. Please disable your ad-blocker and refresh.