Bitcoin ETFs Could be Available for Public Trading Next WeekThe ETF will go active unless the Securities and Exchange Commission objects to the filing.
Bitcoin futures ETF could begin trading Tuesday, when the ProShares Bitcoin Strategy ETF is set to debut at the New York Stock Exchange.
The ETF will go active unless the Securities and Exchange Commission objects to the filing.
That could happen any time until midnight on Monday. Dave Nadig, ETF Trends director of research,toldCNBC he gives it a 75% chance of approval overall. Enthusiasts and traders are bracing for the likely debut.
On Thursday, the SEC investor's education officetweeted, "Before investing in a fund that holds Bitcoin futures contracts, make sure you carefully weigh the potential risks and benefits." Observers and enthusiasts quickly surmised that must mean the agency won't reject the ETF.
As CNBC sums up, the ETF is based on bitcoin futures which trade on the Chicago Mercantile Exchange, which is disappointing to enthusiasts who would prefer a pure-play ETF backed by physical bitcoin. Still, this small step will bring the crypto market to a new and wider audience.
Futures are a regulated market, which means SEC Chair Gary Gensler is likely to allow the futures ETF to trade but might not allow a pure-play bitcoin ETF to do the same.
Not everyone is so enthusiastic about the new opportunity, though.
Ryan Selkis, founder of Messari Crypto,tweeted, "I can't wait for JPMorgan to manipulate the BTC market the way they manipulated the silver market. That's why the SEC prefers a futures ETF that costs 5-10% annually vs. a spot ETF that would cost 1-2%. The SEC is simply part of the cartel at this point."
