The first exchange-traded fund (BTC) associated with bitcoin in the United States began trading on the New York Stock Exchange at $ 40 per share.

According to the New York Stock Exchange, the Bitcoin ETF strategy from ProShares, the first listed fund to allow US investors to directly access cryptocurrency futures, opened at $ 40 per share on BITO and then climbed 3.8% to 41. $ 54 at the time. … publication. The addition of a cryptocurrency fund to a major stock exchange comes after years of postponing decisions by the Securities and Exchange Commission, or SEC, the regulatory body responsible for giving the asset the green light.

BITO will open up access to bitcoin for a large segment of investors who have a brokerage account and are comfortable buying stocks and ETFs, but they will not go through a difficult learning curve to create another account with a cryptocurrency provider and create an account, ”said ProShares CEO Michael Sapir on Monday:

The Securities and Exchange Commission (SEC) first approved an application to list the ProShares strategy ETF on the New York Stock Exchange on Friday, shortly before doing the same for Valkyries BTC futures and digital asset management ETFs for listing on the Nasdaq. On Monday, institutional asset manager Grayscale also announced its intention to convert the GBTC Trust into an ETF in the future. The SEC is currently investigating several crypto ETF implementations.

“The ProShares ETF will provide broader market access and ease of use for institutional investors looking to enter the cryptocurrency markets,” said Mary Beth Buchanan, Global Legal Officer at the Merkle Science Research Platform. “The latest futures ETFs will be traded on the New York Stock Exchange and will be more familiar to institutional investors than opening individual trading accounts and trading directly on a cryptocurrency exchange, cryptocurrency trading platform or futures.”

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Bitcoin price rallied after the ProShares ETF opened for trading, according to Cointelegraph Markets Pro, climbing 1.2% from $ 62,557 to a five-month high of $ 63,293. This marks a return to the crypto asset, which rallied above $ 63,000 for the first time since April, when it hit an all-time high of $ 64,863.

Source: CoinTelegraph