Bitcoin (BTC/USD) Prices, Charts, and Analysis
It now seems likely that the first Bitcoin futures ETF will hit the NYSE tomorrow, according to a raft of stories doing the rounds. It is expected that ProShares will debut the first Bitcoin ETF on Tuesday, possibly followed by a similar offering from Invesco, unless the SEC decides to put a spanner in the works and delay them, which is still theoretically possible. The ETFs will be based on CME Bitcoin futures.
Bitcoin (BTC/USD) Breaks $60k on Growing Futures-Based ETF Expectations[2]
Over the last two months, SEC chair Gary Gensler has voiced his support for futures-based Bitcoin ETFs as investors are afforded far more regulatory protection under the Investments Act of 1940. At a recent Financial Times conference, Gensler stated that he would ‘look forward to staff’s review of such filings’, giving the market a clear signal of the SEC’s intent. While ProShares is expected to lead the way, there are many other Bitcoin futures ETF filings currently with the SEC, and these will need to be looked at quickly to prevent ProShares from getting too much of a first-mover advantage.
While the holy grail of a cash-based Bitcoin ETF is still in the SEC’s pending tray, the futures-based version will provide another potential layer for investor involvement in the cryptocurrency market. ETF filings are nothing new, with many sent to the SEC for review over the past few years, but the realization over the past weeks that the SEC is looking at them positively has seen Bitcoin rally back to within a few percentage points of a new all-time high. This rally has been accompanied by an outflow of Bitcoin
