First Bitcoin ETF Ever! ProShares Bitcoin ETF Set to Launch

Bitcoin Strategy ETF Proshares (BITO)

The first Bitcoin ETF ever has been approved. The Bitcoin Futures ETF by ProShares is set to launch Tuesday, Oct 19th, 2021 under the ticker “BITO”.

One of the most anticipated and long-awaited events in Bitcoin has been the eventual approval of an ETF. Many have tried to make this happen, and many have failed over the years. It seems that this one has gotten through due to Bitcoin futures being a CFTC regulated instrument, thus ensuring the asset backing the ETF had proper regulation.

With that said, this is likely to cause other Bitcoin competing products to launch. For example, Grayscale may be moving to a spot Bitcoin ETF from its current GBTC trust (which would ideally bring down the fees), and Valkyrie, Invesco, and Van Eck all have ETF awaiting approval.

For more, see CNBC’s “MARKETS First bitcoin futures ETF to make its debut Tuesday on the NYSE, ProShares says.”