After years of denial, delay, and being ignored, and dozens of applications, the U.S. Securities and Exchange Commission has finally given approvel for the first Bitcoin ETF.
The approval of the Proshares Bitcoin ETF will now run under the ticker symbol, $BITO, and is expected to go live by October 18, 2021.
The approval is seen as a monumental move by the United States since it finally opens cryptocurrency investing to the masses enabling investors to hold a regulated alternative to the underlying digital asset.
The first product will track bitcoin futures, rather than the price of bitcoin directly.
Following the news, the price of bitcoin has shot up to above $60, 000 for the first time in 6 months.
There are now more than 30 applications for crypto ETFs with the U.S. SEC.
Industry participants have long sought to launch a bitcoin ETF, with Gemini founders, Tyler and Cameron Winklevoss, first seeking an ETF in 2013.
According to press, there are about 40 bitcoin ETF filings being reviewed with more futures-linked products expected to be approved soon.
The SEC does not need to take any formal action to approve the filings. Under federal law, applications can become effective if the SEC allows a mandated deadline to pass by without requesting changes or directing the aspiring issuer to pull the filing.
The ProShares ETF ($BITO) offers exposure to bitcoin with futures contracts only with no plans for a spot market ETF expected to launch in the near term.