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After ProShares Bitcoin Futures ETF Approved Meet The Next Company Awaiting SEC Decision

After ProShares Bitcoin Futures ETF Approved Meet The Next Company Awaiting SEC Decision

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Answer After ProShares Bitcoin Futures ETF Approved Meet The Next Company Awaiting SEC Decision

Today, Tuesday, the “ProShares Bitcoin Strategy ETF” will become the first fund backed by Bitcoin futures contracts to be traded on the USA exchange.

The anticipation of approval and listing on the exchange has pushed the price of Bitcoin near its previous record high.

Institutional investors, who see the potential for higher demand for Bitcoin, the larger digital currency, are back.

So who is the next company that is also awaiting approval for a Bitcoin futures ETF.

While many investors had hoped that the Bitcoin ETF would be pure i.e. one that follows the price of Bitcoin directly and not one that is based on Bitcoin futures.

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However, there is still hope that the SEC will approve it, perhaps in the coming weeks or months.

The current approval of the Bitcoin futures ETF has opened the appetites of many companies that have also applied to the SEC.

So the SEC is currently facing a backlog of applications.

The first order awaiting the SEC’s decision is the “Invesco Bitcoin Strategy ETF” which could start trading as soon as possible on Wednesday, October 20th.

There are two others, namely:

“VanEck Bitcoin Strategy ETF” on October 25 and “Valkyrie Bitcoin Strategy ETF”.

The “Galaxy Bitcoin Strategy ETF” and “AdvisorShares Managed Bitcoin ETF” could be available in early November.

Thus, in two weeks, the US could go from zero ETF bitcoin futures to six.

Why are there so many ETF bitcoin futures?

On August 3, while speaking at the Aspen Security Forum, SEC Chairman Gary Gensler explained exactly what investment firms must do to obtain Bitcoin ETFs that the agency has long rejected through the regulator. including:

Rather than linking it to the spot markets, which deal with the current price of an asset, and linking it to derivatives, which are more complex it can be linked to futures contracts.

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I anticipate that there will be deposits of exchange-traded funds (ETFs) under the Investment Firms Act (Law 40).

When combined with other federal securities laws, the 40 Act provides significant investor protection.

Given this important protection, I look forward to staff review of such deposits, particularly if they are limited to CME-traded Bitcoin futures.

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This suspension caused several large financial firms to apply to the SEC for approval of a Bitcoin futures ETF.

According to analysts, the approval of these funds over other spot funds is due to the fact that the Bitcoin futures ETF is not based on the current fluctuating price but rather speculative bets on the future price of the cryptocurrency that allow people to fix the price in advance.

At the moment, the upward trend of Bitcoin is continuing, and traditional ETFs are likely to add to the momentum.

Read also:

Interactive Brokers launches cryptocurrency trading service for US financial advisors

The digital dollar will be a CBDC and will not depend on the blockchain, according to the former head of the Federal Reserve in Boston


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