Change-traded funds (ETFs) issuer ProShares has filed a registration assertion with america Securities and Change Fee to listing shares of a Quick Bitcoin Technique ETF.
In a Tuesday submitting, ProShares applied with the SEC for an funding automobile that will enable customers to wager towards Bitcoin (BTC) futures utilizing an exchange-traded fund. Based on the registration assertion, the Quick Bitcoin Technique ETF might be primarily based on every day funding outcomes similar to the inverse of the return of the Chicago Mercantile Change Bitcoin Futures Contracts Index for a day.
ProShares simply filed for a Quick Bitcoin Futures ETF. Even tho SEC rejected comparable submitting final 12 months, this has shot IMO given ProShares’ excellent learn on SEC w/ $BITO and the dearth of points w/ futures ETFs thus far. Ticker ought to be $FUD or $NGMI. Good scoop by @kgreifeld. pic.twitter.com/fOieZ0Tp9Y
— Eric Balchunas (@EricBalchunas) April 6, 2022
In October 2021, ProShares grew to become the primary agency to ever launch an exchange-traded fund linked to BTC futures in america on NYSE Arca underneath the ticker BITO. On the time of publication, shares are priced at $27.58, having fallen greater than 4% within the final 24 hours.
Although the SEC has not permitted a spot Bitcoin ETF in america, it gave the inexperienced mild for funding automobiles with publicity to BTC futures beginning in 2021 in addition to crypto mining companies. The regulatory physique rejected an analogous providing from ProShares in 2018, however a fund permitting traders to brief Bitcoin futures from Horizons ETFs Administration presently trades on the Toronto Inventory Change underneath the ticker BITI: the BetaPro Inverse Bitcoin ETF.
Associated: Valkyrie Investments‘ Leah Wald on Bitcoin ETFs and the way forward for digital belongings
Based on the SEC, the ProShares submitting is a preliminary prospectus that’s topic to completion. The applying suggests a public providing 75 days after submitting — June 19 — however the SEC has continuously delayed crypto ETF purposes or opened them up for public remark, an motion that additionally pushes again the deadline for the regulatory physique to approve or disapprove itemizing shares.