The first exchange-traded fund linked to bitcoins will begin trading on Tuesday, provider ProShares said in a statement, which will mark a vital milestone in a remarkable year for the cryptocurrency market.
The ProShares Bitcoin Strategy ETF will be traded under the ticker symbol “BITO” on the New York Stock Exchange, the company said. The ETF will mainly invest in bitcoin futures and will not invest in bitcoins.
The company said that BITO can be bought and sold as inventory and requires investors to have an account on a cryptocurrency exchange or crypto wallet.
The arrival of the bitcoin futures ETF comes as the burning cryptocurrency has damaged the $1 trillion limit threshold at the market site, helping the broader cryptocurrency market place succeed at a market-on-site price exceeding $2 trillion.
Bitcoin rose 6% to $62,667. 51 on Monday, just 4% below its all-time high of $64,869. 78 reached in mid-April.
Bloomberg reported late last week that the Securities and Exchange Commission is about to authorize the upcoming launch of the first U. S. bitcoin futures. USA
Dozens of corporations are still waiting for the SEC to approve an ETF with the cryptocurrency as the underlying asset.
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