For many years, it has rejected ETF’s insistent requests for quotation on cryptocurrencies, that is to say for listed funds that replicate the trend of electronic currencies such as Bitcoin or Ethereum. But today the US Securities and Exchange Commission (SEC), the Wall Street Supervisory Authority, gave in and launched the first product of its kind in the US. At the New York Stock Exchange, with the start of today’s trading, trading of the Bitcoin Strategy ETF issued by the American company Proshares also started. However, this product does not directly follow the spot price of the most popular cryptocurrency of the moment, nor does the fund buy Bitcoin to support the investment. Rather, the new ETF relies on Bitcoin futures, i.e. future price contracts that are traded on the Chicago futures exchange CME.
The news of the first US Bitcoin ETF is important for the whole world of digital currencies. It is a sort of customs clearance for this type of asset which is characterized by many lights but also by many shadows due to strong volatility and poor transparency.
In recent years, the SEC USA has received numerous requests for a launch of dedicated ETFs and just as many have received a “no” for an answer. In recent months, however, the pressure on the Authority has increased. For example, all major US banks now offer their customers the ability to invest in cryptocurrencies. And with the approval of the Bitcoin ETF in Brazil and Canada, the number of US managers asking the SEC to approve a replicant on Bitcoin has grown more and more.
In any case, the ok arrived from the New York Stock Exchange has ignited the Bitcoin prices which for days, already on the wave of rumors about this type of step circulated in recent days, is on the rise and today is in the area of $ 62,500. This is close to the all-time high in mid-April at $ 64,895.
The Proshares pass is not isolated. The launch of the Valkyrie Bitcoin Strategy Etf is also expected this week. Other broadcasters dealing with ETFs are also preparing for the same move. The hope of the operators is that the novelty could bring new capital inflows, especially from institutional investors such as pension funds and insurance, on the market and that therefore it will make the values of digital currencies rise even more.