The first exchange-traded fund linked to Bitcoin (BTC) futures in the United States, ProShares’ Bitcoin Strategy ETF, begins trading on the New York Stock Exchange on Tuesday under the BITO ticker.
Michael Sapir, CEO of ProShares, said the launch is a milestone for US ETFs after years of trying to list:
“BITO will continue the legacy of ETFs that give investors practical and liquid access to the asset class. 1993 is remembered for the first ETF, 2002 for the first bond ETF and 2004 for the first gold ETF. 2021 will be remembered for the first cryptocurrency tied to an ETF.”
Sapir further said that the debut of the Bitcoin ETF on the New York Stock Exchange opens up great opportunities for investors in the traditional financial markets.
“BITO will open access to Bitcoin to a large segment of investors who have a brokerage account and want to buy stocks and ETFs, but who don’t want to face the difficulties and learning curves of creating another account with a cryptocurrency provider and creating a Bitcoin wallet, or are concerned that these providers may be inappropriate Organized and exposed to security risks, he says.
This news comes shortly after the US Securities and Exchange Commission on Friday approved an application to register the ProShares bitcoin ETF. On the same day, the Securities and Exchange Commission also accepted an application to list shares in the Valkyrie Bitcoin ETF strategy for listing on Nasdaq.
Related: Grayscale Proposes Plans to Convert Bitcoin Trust to ETF With BTC Settlement
On October 5, the Securities and Exchange Commission (SEC) also approved the Volt Crypto Industry Revolution and the Tech ETF, a cryptocurrency fund associated with Bitcoin-related companies, including companies such as MicroStrategy and Tesla.
Although he doesn’t own a real coin, it doesn’t look like a coin-based ETF will be released this year, Volt Equity CEO Ted Park told Cointelegraph. “The next claims are likely to be future ETFs that also target access to bitcoin, but they have their own challenges that coin ETFs don’t.”
Amid positive news about bitcoin ETFs in the US, the price of bitcoin has risen about 30% in the last 14 days, topping $60,000 on Friday for the first time since April. At the time of writing, Bitcoin was trading at $61,692, an increase of 1.3% over the past 24 hours, according to data from CoinGecko.