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Big day for Bitcoin: first ETF approved in the US
U.S. Securities and Exchange Commission (SEC) Tacitly Approves First Bitcoin Futures ETF
Oct 18, 2021
1 min read
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In anticipation of this event, the first cryptocurrency rose more than 40% in October.

According to an updated prospectus filed by the company, the SEC has approved ProShares' application to launch a Bitcoin ETF strategy.

According to CoinDesk, the meeting of the five SEC fund commissioners from ProShares took place on Friday.

The regulator had 75 days to reject the company's application or extend its consideration. The SEC did not reject the application within the allotted time, which can be considered permission, although the commission did not give it publicly, writes forklog.

The underlying asset of the fund will be Bitcoin futures on the Chicago Mercantile Exchange (CME). A fund from ProShares has already been added to the Bloomberg terminal under the ticker BITO.

The Nasdaq has also indicated its willingness to add to the listing a similar fund, the Valkyrie Bitcoin Strategy ETF, which previously filed Form 8-A for securities registration.

After three years of waiting, American investors will have access to Bitcoin ETFs. BITO direct trading will begin on October 19, unless the SEC issues an objection on October 18.

In early October, the SEC approved the creation of an exchange-traded fund called the Volt Bitcoin Revolution ETF. Managed by San Francisco-based Volt Equity, the fund provides retail investors with access to stocks in companies that hold a significant portion of the cryptocurrency on their balances.

CNBC reporters received inside information about Grayscale's intention to turn its own Bitcoin Trust into a full-fledged Bitcoin ETF, converting investor shares in the amount of $ 38.7 billion, writes the cryptor. The problem is that the SEC openly opposes any ETF backed by real cryptocurrency.

After filing an application, the SEC may take up to 75 days to respond. This deadline falls on the Christmas rally, which could push Bitcoin to new market highs.

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