Bitcoin ETF Approval Granted - Why Didn't This Happen Sooner?
BeInCrypto | Oct 20, 2021 17:24
Bitcoin broke the $60,000 price barrier over the weekend for the first time since April. Let's dive deeper into why this first ETF on the New York Stock Exchange is so important and what it means.
The first time Bitcoin ETFs were mentioned was back in 2013, when the Winklevoss twins, founders of the Gemini cryptocurrency exchange, looked to start a Bitcoin ETF but were unsuccessful. More recently, on Dec. 30, 2020, VanEck filed for a Bitcoin ETF that would invest directly in bitcoins. However, in mid-September, the SEC delayed its decision on the VanEck Bitcoin Trust for an additional 60 days. It's now expected to approve or reject the proposal by Nov. 14.
So on Tuesday, ProShares, an exchange trading company, listed an ETF that tracks Bitcoin Futures on the New York Stock Exchange: the ProShares Bitcoin Strategy ETF (NYSE:BITO).
The ProShares CEO Michael Sapir said in a statement that "BITO will open up exposure to bitcoin to a large segment of investors who have a brokerage account and are comfortable buying stocks and ETFs, but do not desire to go through the hassle and learning curve of establishing another account with a cryptocurrency provider".
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