SEC Has Approved The Bitcoin ETF

The SEC has approved the Bitcoin ETF. The ProShares Bitcoin Strategy ETF, an ETF that will invest in Bitcoin futures contracts, has been accepted.

The expected news has finally come from the US Securities and Exchange Commission (SEC). It's the first time the SEC has been positive for a Bitcoin ETF after years of filings and successive rejections. ProShares Bitcoin Strategy ETF, an ETF that will invest in Bitcoin futures contracts, has achieved regulatory approval. With this approval, the leading cryptocurrency will appeal to an even wider audience. The Bitcoin futures ETF is expected to increase the flow of institutional money specifically to Bitcoin. The ETF in question is scheduled to start trading under the short name BITO from next Monday. Before ProShares was granted ETF approval, the fund's prospectus was amended. In the updated prospectus, the statements that it is possible to invest in ETFs traded in Canada and investing directly in Bitcoin have been removed. SEC Chairman Gary Gensler had previously hinted that he would prefer ETFs tied to Bitcoin futures contracts. Gensler said he believed these contracts could provide stronger investor protection because they are regulated by law. It is stated that today's approval by the SEC is a first step and can issue a spot BTC-based ETF after futures-based ETFs.