By Shelly Melancon (Switzerland)
Another Bitcoin-ETF has received SEC approval and will be listed early next week, which is wonderful news for the crypto sector. The ETF is only the second ETF to receive SEC approval in less than two weeks and will be listed on the stock exchange.
The United States Securities and Exchange Commission has reportedly approved ProShares’ Bitcoin Strategy ETF to be listed as a stock on the New York Stock Exchange (NYSE) arca. The SEC has cleared Proshare’s Bitcoin ETF for public trading, putting it in second place among the increasing list of crypto ETFs. The ticker symbol for the ETF will be BITO.
After weeks of waiting, the SEC finally gave Valkyrie full authority to list its bitcoin ETF on the stock exchange last week. According to a Bloomberg story, the SEC may be preparing to approve more crypto ETFs in the coming weeks.
ETFs that invest in cryptocurrencies
According to multiple reports, the SEC has received an upsurge in applications for crypto ETF approval. More crypto businesses are looking to list their ETFs on stock exchanges so that the general public may trade crypto futures contracts. With the SEC’s seeming favorable dispositions, along with the SEC Chairman’s endorsement, PorShares’ ETF becomes the second ETF to be approved in a short period of time. Recent calls for “people to come in and discuss with the SEC ”, it bodes good news for the crypto community in the future. ProShares’ ETF is expected to go live on October 18 after the SEC’s approval is confirmed. The ETF will open with 95 basis points when the NYSE session opens.
ProShares had plans to list an Ether (ETH) ETF for which it submitted an application to the SEC. ProShares however withdrew that application in August, leaving only the Bitcoin ETF application. Other companies seeking ETF approvals from the SEC include Amplify ETFs, Invesco, and Galaxy. Their applications are pending SEC’s approval.
Tad Park, the Founder and CEO of Volts Equity, a business that gained SEC clearance for its ETF, recently remarked that while SEC Chairman Gary Gensler is pro-crypto, the SEC’s tardy approval of crypto ETFs is a precaution that must be taken to ensure proper asset protection. The question of crypto regulation remains unresolved; the US government has refused to outright ban cryptos but has expressed a strong desire to enact regulations that will give the industry more control.
The recent price movement of bitcoin has piqued interest, as the asset has broken through months of resistance in search of new all-time highs. The world’s first cryptocurrency is constantly outperforming the analysis of bears. Bullish traders’ sentiments show an increasing prediction for higher bitcoin prices. Analysts have predicted a $100,000 price for bitcoin by the end of 2021. This might be one reason why bitcoin ETF applications are increasing by the day. More investors are willing to bet on the strong bullish trend that bitcoin has sustained for weeks now going into the close of the year.
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