The first bitcoin-linked exchange-traded fund will make its official debut on Tuesday.
- The highly anticipated ETF from ProShares that will track the bitcoin futures market will start trading on the NYSE Tuesday under ticker ‘BITO.’
- ProShares filed for its Bitcoin Strategy ETF this last summer. The fund is linked to bitcoin futures traded on the Chicago Mercantile Exchange.
- The Bitcoin futures ETFs will become a huge regulatory concern for the still young crypto industry that has long struggled to position itself in the highly regulated financial world.
- Ian Balina, CEO of the data and analytics firm Token Metrics stated that this will likely be the biggest support from the SEC for crypto.
News of long-awaited approval for a bitcoin-related ETF triggered an increase in the world’s largest crypto by market value, Bitcoin, past the $60,000 mark for the first time in nearly six months.
BTC USD down -0.16%Source: CNBC