Bitcoin ETF News Today
ProShares Launches First Bitcoin Futures ETF
On October 19, 2021, ProShares launched the BITO Bitcoin Strategy ETF, the first bitcoin futures exchange-traded fund (ETF) approved by the U.S. Securities and Exchange Commission (SEC). The ETF tracks the price of bitcoin futures contracts, allowing investors to gain exposure to bitcoin without directly owning the cryptocurrency.
VanEck’s Bitcoin ETF Application Withdrawn
On October 21, 2021, VanEck withdrew its application for a spot bitcoin ETF. The SEC had previously raised concerns about the fund’s pricing methodology and its ability to prevent market manipulation. VanEck stated that it would resubmit its application in the future.
Grayscale Files for Bitcoin ETF Conversion
Grayscale Investments, the world’s largest digital asset manager, has filed an application with the SEC to convert its Grayscale Bitcoin Trust (GBTC) into a spot bitcoin ETF. The conversion would allow GBTC shareholders to redeem their shares for bitcoin or cash.
Regulatory Scrutiny Continues
The SEC continues to scrutinize bitcoin ETF proposals. The agency has expressed concerns about market volatility, custody risks, and potential conflicts of interest. However, it has also indicated that it is open to approving bitcoin ETFs that meet certain standards.
Outlook for Bitcoin ETFs
The launch of the ProShares Bitcoin Futures ETF is a significant milestone in the cryptocurrency industry. However, it remains unclear when spot bitcoin ETFs will be approved by the SEC. The regulatory landscape is evolving, and the SEC is likely to take a cautious approach to approving new ETFs.
In the meantime, investors can gain exposure to bitcoin through bitcoin futures ETFs, bitcoin trusts, or directly purchasing the cryptocurrency from exchanges.
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