The world’s first bitcoin-ETF is preparing to debut on Oct. 19 on the New York Stock Exchange. ProShares received approval from the SEC to issue Bitcoin futures after multiple rejections.
Bitcoin-ETFs will be traded under the ticker symbol $BITO. The Securities and Exchange Commission had previously rejected numerous applications to issue Bitcoin futures. Now the SEC’s approval of the first Bitcoin-ETF is tied to the recognition of the major digital currency by institutional investors and some countries such as El Salvador and Paraguay.
Several companies, including VanEck, Widom Tree and others, have applied to the SEC following the approval of the first bitcoin-ETF. The approval of Bitcoin futures provides hope for compliance with cryptocurrency trading requirements, which ensures investors a safe investment in such assets.