ProShares Bitcoin Futures ETF to Start NYSE Trading on Tuesday

ProShares will launch a bitcoin futures exchange-traded fund (ETF) tomorrow, the company confirmed in an SEC filing on Monday. CoinDesk first reported on Friday that the ETF was scheduled to launch this week.

• The U.S. Securities and Exchange Commission (SEC) greenlighted bitcoin futures ETFs on Friday.

• ProShares filed for its Bitcoin Strategy ETF this past summer. The fund is linked to bitcoin futures traded on the Chicago Mercantile Exchange.

• With the SEC mulling over dozens of bitcoin ETFs, Chair Gary Gensler has made it clear that funds linked to the futures market rather than the underlying asset are more likely to win regulatory approval.

• NYSE head of exchange-traded products Douglas Yones told the New York Times’ DealBook, “This is an exciting step but not the last.”

• News of long-awaited approval for a bitcoin-related ETF sent the world’s largest crypto by market value to levels not seen since April. Bitcoin climbed above $60,000 for the first time in nearly six months on Friday.

• There will be hopes that the debut of a bitcoin ETF on the NYSE will open the floodgates to a stream of similar products winning regulatory approval and accelerating the flow of investment into crypto.

UPDATE (OCT 18, 11:51 UTC): Adds bitcoin futures to headline, quote in sixth bullet point, background starting in third.

UPDATE (OCT 18, 12:57 UTC): Adds information about SEC filing in lead paragraph.