Bitcoin Pierces $60,000 as SEC Approves First ETF
Bitcoin leaped above $60,000 for the first time in almost a half years’ time, following a report that a bitcoin futures exchange-traded fund (ETF) will be approved by the U.S. Securities and Exchange Commission (SEC). The top cryptocurrency is bound to hit its April all-time high of $64,863.10 anytime soon
The SEC has reportedly greenlit the country’s first Bitcoin ETF. ProShares, an ETF provider, filed a post-effective amendment prospectus on Friday, stating the company’s intention to launch their BTC Futures ETF on Monday. This signals that the SEC has approved the product. ProShares’ Bitcoin Strategy ETF will be listed on the New York Stock Exchange’s Arca under the ticker symbol BITO.
Although the fund does not invest directly in Bitcoin, it provides price exposure to Bitcoin futures contracts and is a first of its kind in the United States.
Furthermore, Invesco’s ETF is also set to provide exposure to a collection of exchange-traded products (ETPs) and private investment trusts that hold Bitcoin.
The SEC has around 40 bitcoin ETF filings under review with multiple decision deadlines coming up next week. Interestingly, the SEC does not need to take any formal action to approve the filings. Applications will become effective if a mandated deadline passes by without the SEC requesting changes or informing the aspiring issuer to withdraw the filing.
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Author: Peter Siu