The U.S. Securities Exchange and Trading Commission (SEC) verified the first Bitcoin ETF. During the last 4 years, the agency denied a number of such applications. According to the filing, published by the SEC, American provider of exchange-traded products (ETPs), ProShares will issue the BTC futures-based ETF on October 18.
Shares will be listed on the leading platform for ETFs, New York Stock Exchange’s Arca under the ticker BITO. ProShare becomes the first to get the SEC's approval. The company submitted the application on October 4. The fund will invest mainly in BTC futures contracts. Also, it may invest in Canadian ETFs and private trusts to get access to the BTC price.
Before the approval, SEC chairman Gary Gensler expressed his support for crypto ETFs, mentioning the availability of the trading BTC futures on the Chicago Mercantile Exchange.
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There are many other companies, waiting for the SEC’s decision. Among them are Galaxy Digital, ARK Invest, Fidelity and others.At the same time, deadlines are approaching for the SEC announcing decisions regarding to VanEck and Valkyrie.