ProShares Bitcoin-linked ETF launches on NYSE as BTC price rises above $63K


The first Bitcoin (BTC) futures-linked exchange-traded fund in the United States began trading on the New York Stock Exchange, opening at a price of $40 per share.

According to the New York Stock Exchange, ProShares’ Bitcoin Strategy ETF, the first exchange-traded fund allowing U.S. investors direct exposure to cryptocurrency futures, opened at a price of $40 per share of BITO before rising 3.8% to reach $41.54 at the time of publication. The addition of the crypto fund to a major stock exchange follows years of deferred decisions from the Securities and Exchange Commission, or SEC, the regulator responsible for greenlighting the asset.

How To Get Free Crypto  

“BITO will open up exposure to Bitcoin to a large segment of investors who have a brokerage account and are comfortable buying stocks and ETFs, but do not desire to go through the hassle and learning curve of establishing another account with a cryptocurrency provider and creating a Bitcoin wallet or are concerned that these providers may be unregulated and subject to security risks,” ProShares CEO Michael Sapir said on Monday.

The SEC first accepted the registration request for ProShares’ Bitcoin Strategy ETF on the NYSE on Friday shortly before doing the same for shares of digital asset manager Valkyrie’s BTC futures ETF for a listing on the Nasdaq. Institutional asset manager Grayscale also announced on Monday it planned to convert its GBTC Trust into an ETF in the future. The SEC currently has several crypto ETF applications under consideration.

“The ProShares ETF will provide greater market access and ease of use for institutional investors who want to get into the cryptocurrency markets,” said Mary Beth Buchanan, global chief legal officer at blockchain investigative platform Merkle Science. “The newest futures based ETF will trade on the NYSE and will feel more familiar to institutional investors than opening individual trading accounts and trading directly on a spot or futures based cryptocurrency exchange or crypto trading platform.”

Related: Traders celebrate Bitcoin’s impending ETF, but options markets are less certain

According to data from Cointelegraph Markets Pro, the price of Bitcoin rose following shares of ProShares’ ETF opening for trading, moving 1.2% from $62,557 to a five-month high of $63,293. This marks a return to the crypto asset moving above $63,000 for the first time since April, when it hit a then all-time high price of $64,863.

Coinbase Banner  

Go to Source
Author: Turner Wright

Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.