New York Stock Exchange Files Two Bitcoin ETFs With The SEC

12/23/2017 - 15:11 UTC
New York Stock Exchange Files Two Bitcoin ETFs With The SEC

In early 2017, a lot of cryptopians had high hopes that the US SEC would approve Bitcoin Exchange-Traded Funds (ETF). That didn't happen, but the New York Stock Exchange is giving not one but two more tries.

According to reports, the exchange has formally filed with the SEC to list two ETFs: the ProShares Bitcoin ETF, and  the ProShares Short Bitcoin ETF. Apparently, both ETFs will allow investors to speculate on the Bitcoin price. More specifically, they are linked to Bitcoin futures contracts, which have become somewhat popular with mainstream investors over the past few days. It seems these funds are designed to track both of the Bitcoin futures provided by Cboe and CME Group, as they are the only two companies that officially offer such investment products right now. Moreover, the funds will invest assets in benchmark futures contracts with the option of investing in additional contracts as well.

But who is ProShares?  Proshare is a company managing over $29 Billion in assets. It also filed the necessary Bitcoin ETF documentation back in September.


Disclaimer: This article should not be taken as, and is not intended to provide, investment advice on Bitcoin, Cryptocurrencies or finance in general.