Bitcoin Pierces $60,000 as SEC Approves First ETF

October 16, 2021

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.

Bloomberg and CNBC both cited people “familiar with the matter” that the SEC was looking to approve BTC futures ETFs from ProShares and the independent investment firm Invesco Ltd.

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.

Bitcoin is currently moving hands at $62,153.20 and is up 4.5% in the last 24 hours and over 40% in the past two weeks, according to CoinMarketCap.

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Author: Peter Siu

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