Bitcoin’s ETF opens the floodgates for more

[ad_1]

ProShares global investment strategist Simeon Hyman shares details of the launch of the first public Bitcoin futures ETF.

And just like that… investors have a pure Bitcoin futures exchange-traded fund.

After months of work at the Securities and Exchange Commission, regulators finally pulled the trigger, approving the ProShares Bitcoin Strategy ETF, which began trading on Tuesday.

Ticker Security Last change Change% BITO PROSHARES TRUST BITCOIN STRATEGY ETF 39.51 -1.32 -3.23%

“Having a belt and suspenders approach to the regulated futures market and a regulatory ETF really provides a robust solution for investors and a solution that they can just put in their brokerage account, trades like a action, ”said Simeon Hyman, global investment strategist for ProShares, at a press conference. interview on FOX Business’ ‘The Claman Countdown.’

THE BITCOIN PRICE HAS REACHED A NEW MAXIMUM OF ALL TIME

Days before ProShares debuted, WisdomTree’s Enhanced Commodity Strategy Fund bolstered the ETF by adding a 3% allocation to cash-settled Bitcoin futures traded on the Chicago Mercantile Exchange, giving investors some crypto mixed with raw materials.

BILLIONAIRE PETER THIEL HAS BITCOIN REMORDS

Ticker Security Last modified Modification% GCC ENHANCED CONVENIENCE STRATEGY WISDOMTREE TRUST 21.33 +0.05 + 0.23%

“It invests in a wide range of different commodities, from gold to cattle to oil and really focuses on broad exposure to commodities. We thought the addition of Bitcoin futures would add further differentiation. “Ryan Louvar, general counsel at WisdomTree, told FOX Business.

CLICK HERE TO LEARN MORE ABOUT FOX BUSINESS

WisdomTree, among the first to file a Bitcoin ETF application with the SEC, hopes that WisdomTree’s Bitcoin Trust will get the green light.

Michael Sapir, CEO of ProShares, rings the opening bell celebrating the ProShares Bitcoin Strategy ETF traded as BITO on the NYSE Arca, on the New York Stock Exchange (NYSE) in New York on October 19, 2021 . REUTERS / Brendan McDermid (REUTERS / Brendan McDermid / Reuters Photos)

VanEck, another company to file with the SEC, has hinted that approval is imminent without disclosing the timeline.

“VanEck is delighted to offer a long awaited Bitcoin exchange traded product in the US market,” Ed Lopez, ETF product manager at VanEck, said in a statement to FOX Business. “We were the first asset manager to apply for a Bitcoin Futures ETF in 2017, and we are offering what would be the most competitive ETF in its class when we enter the market.”

The buzz around the ETF space drove Bitcoin prices to a new high this week of $ 66,974 before retreating. So far this year, the largest cryptocurrency by market value has gained 110%, according to CoinDesk.

[ad_2]