ProShares Bitcoin ETF to debut on NYSE on Oct. 19

ProShares Bitcoin ETF to debut on NYSE on Oct. 19

ProShares’ Bitcoin Strategy ETF will trade on the New York Stock Exchange on October 19 under the ticker BITO.

Michael Sapir, ProShares CEO, said that the launch is an important milestone in cryptocurrency ETFs’s success in America after years of work to list them on an exchange.

“BITO will carry on the legacy of ETFs that offer investors easy, liquid access to an asset type. 1993 will be remembered as the year that saw the debut of an equity ETF. 2002 was the year that saw the debut bond ETF. 2004 is the year that saw the debut of a gold ETF. 2021 will be remembered for the first cryptocurrency-linked ETF.”

Sapir continued by stating that the Bitcoin ETF’s debut at NYSE opens up massive opportunities for traditional investors in traditional financial markets.

He stated that BIO will allow investors to have exposure to Bitcoin.

This news comes just after the U.S. Securities and Exchange Commission accepted ProShares’ registration request for the Bitcoin ETF on October 15. The SEC accepted the registration request to list shares in Valkyrie’s Bitcoin Strategy ETF on Nasdaq.

Related: Grayscale suggests plans to transform Bitcoin trust into a BTC-settled ETF

The SEC approved Volt Crypto Industry Revolution on Oct. 5 and Tech ETF on Oct. 5. These crypto ETFs are linked to Bitcoin-exposed companies, such as Microstrategy or Tesla.

It doesn’t appear that a coin-based ETF is coming out this year, even though it doesn’t hold the actual coin. According to Tad Park, Volt Equity CEO, futures-based ETFs that also target bitcoin exposure will likely be the next approvals.

Bitcoin prices surged 30% in the last 14 days amid positive Bitcoin ETF news from the United States. They crossed $60,000 for the first-time since April, Oct. 15. According to CoinGecko data, Bitcoin trades at $61,692, an increase of around 1.3% in the last 24 hours.

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