U.S. SEC Bona Fide Approves First Bitcoin Futures ETF

As the U.S. SEC (U.S. Securities and Exchanges Commission) approved the first Bitcoin futures ETF, the price of the most capitalized coin passed the $ 60,000 mark, and Binance crypto exchange established a $1 billion fund to develop the Binance Smart Chain ecosystem.

On October 15, the SEC approved ProShares' application to launch the Bitcoin Strategy ETF. Trading starts tonight, on Monday, October 18th. The judgment is based on the updated prospectus and the expiration of the 75-day cooling-off period. Since the department did not issue a timely curb of the deal, this is equal to permit issuance, although the Commission did not grant it publicly.

The underlying asset of the fund will be the Bitcoin futures of the Chicago Mercantile Exchange. In the updated prospectus, references to investing in Canadian bitcoin ETFs have disappeared. The Nasdaq Stock Exchange has also expressed its willingness to add to the listing a similar product from Valkyrie Investments, which had previously filed Form 8-A on the securities registration. The same form was submitted by ProShares.

This comes on the heels of Canada’s launch of a new ETF back in September that allowed investors to gain exposure to both Bitcoin and Ethereum. Canadian Evolve had launched back then the first multi-cryptocurrency ETF that included both Bitcoin and Ethereum. The Evolve Cryptocurrencies ETF currently has about 68% of its holdings in bitcoin and 32% in Ether.

Meanwhile, Bitcoin is confidently trading above $60,000.

Throughout the week, Bitcoin has been steadily growing in the wake of the approaching deadline for its ETF debut prospectus approval. On Friday, the shares of the ProShares Bitcoin Strategy ETF were added to the Bloomberg terminal under the ticker BITO – the price of the world’s largest cryptocurrency briefly spiked to above $62,900. Over the past seven days, Bitcoin appreciated by 11%. At the time of writing, the coin is trading near $60,760.