The bitcoin futures ETF from ProShares will begin trading next week, an amended filing from the company indicated late Friday, marking a milestone moment in the development of the crypto industry in the United States.
The Securities and Exchange Commission had not formally approved the creation of bitcoin futures ETF as of Friday afternoon and the agency may never make a formal declaration of approval for it. But the ProShares’ announcement indicates that the agency is unlikely to block the listing at this point.
NYSE Arca late Friday afternoon certified “its approval for listing,” meaning that the exchange will allow investors to trade the funds as allowed under federal law without SEC intervention. A person familiar with the SEC’s decision-making clarified that the ETF will be allowed to begin trading next week, barring any last minute complaint from the regulator.
The ProShares Bitcoin Strategy ETF, which will give exposure to bitcoin futures contracts but not the spot market, will trade under the ticker “BITO.”
The proposed date for the listing is Monday, according to the new filing, but that doesn’t necessarily mean that’s when it will begin trading. That could come later in the week.
Crypto advocates have been pushing for years for regulator to approve an ETF related to bitcoin, and the arrival is expected by many to bring in a new class of investors into the digital currencies.
-This is a developing story. Please check back for updates.