ProShares Bitcoin ETF

Is this the big week for cryptocurrency enthusiasts — could a mainstream ETF be coming to a major US exchange? ProShares, a major provider of ETFs with more than $64 billion in assets, may be the first to succeed. From our Facebook page earlier today:

Unless the SEC posts a last minute objection, the ProShares Bitcoin ETF will become the first crypto ETF to trade on a major United States exchange this week. ProShares already operates a popular gold ETF, and this Bitcoin ETF would use Bitcoin futures contracts to give investors exposure to Bitcoin's price. The ticker symbol is expected to be BITO

Tomorrow or Tuesday we should know definitively if the ProShares Bitcoin ETF has been added, but for now, it’s Sunday afternoon and still no objection posted in response to last week’s filing by ProShares. As The Wall Street Journal explained in an update, “The launch follows a 75-day review by the Securities and Exchange Commission. Assuming there are no objections from the regulator, the fund will be considered cleared for trading next week, handing the closely held firm an opportunity the industry has been jockeying over for years.”

—FULCRUM Research