First US Bitcoin ETF Launches Monday

Exchange-traded Bitcoin futures fund ProShares is due out on Monday October 18, as the US Securities and Exchange Commission (SEC) has not rejected the application.

The regulator did not approve the listing, but also did not banhis. If the SEC does not give an answer after the deadline for considering the application, then it does not object to the listing of the fund on the NYSE Arca exchange. Bitcoin ETF will receive the $ BITO ticker.

This will be the first CME cryptocurrency futures product to be listed in the United States. Although it will not allow investors to deal with BTC directly, it will be the mostdirect and reliable option for them.

The Commission began receiving the first applications for launchBitcoin ETF in 2013, but previously rejected them all. The most promising proposals were Valkyrie, VanEck, Invesco and BlockFi. Now, current SEC Chairman Gary Gensler has expressed particular enthusiasm for the ProShares exchange-traded fund filing under the Investment Act of 1940. Therefore, Bloomberg analysts previously estimated the chances of its launch at 75%.

The launch expectations had a significant positive impact on the market, driving the BTC rate to rise above 61k.

Even if the regulator approves the new product with its silence, market participants will strive for the spot option of bitcoin-ETF. This could be a proposal from VanEck, pending a decision by the Commission on November 14th.

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