The price of bitcoin jumped over 8% over the last 24 hours after a series of documents from the US Securities and Exchange Commission’s (SEC) web portal indicated that Proshare’s Trust Exchange Traded Fund (ETF) could be listed as quickly as next week. Proshares filed a post-effective amended prospectus Friday showing the company’s intention to launch on Monday, October 18 on the NYSE Arca.
Bitcoin price increases as strong signals suggest that Bitcoin Futures ETF could be launched next week
The crypto community saw the price on bitcoin (BTC) jump terribly close to the cryptocurrency’s all-time high Friday afternoon. During the late afternoon trading sessions, BTC tapped a daily high of $ 62,945 per. unit around noon. 17:30 (EST). The reason for this increase is probably due to the fact that a number of documents submitted to the Securities and Exchange Commission (SEC) seem to strongly indicate that a bitcoin ETF will be launched soon.
The first signal was from James Seyffart, an analyst at Bloomberg Intelligence, who tweeted about Bloomberg’s data team “adding Proshare’s Bitcoin Strategy ETF to the terminal.” Seyffart added: “[The] ticker will be $ BITO. 95 bps – less than half $ 2 GBTC’s 2% fee. This thing is coming live next week. Either Monday or Tuesday. “Sharing this Form 8A document, Bloomberg Intelligence Analyst went on:
It must also be added [Valkyrie Funds] have filed their 8A, which essentially registers a security for trading on [an] exchange. Nothing from Proshares on that front yet. So Valkyrie [is almost] definitely also start trading next week if I were to guess.
Proshares trusts post-effectively modified prospectuses
In addition to Seyffart’s comment on Twitter, Proshares filed -one post-effectively amended prospectus to its ETF on Friday. The amended documents note that Proshare’s bitcoin ETF intends to launch on October 18, 2021, and the application also notes that the ticker will be called “$ BITO.” Although Proshare’s ETF could be the first to be listed as an approved bitcoin ETF by US regulators, it will deal with bitcoin derivatives.
Proshare’s ETF will be a futures-based product based on bitcoin, and analysts doubt a BTC spot market ETF gets green light at SEC this year. There has been much confusion as to whether the SEC actually approved a bitcoin ETF on October 15, and there are speculation signals that may change. Seyffart’s comment on Friday afternoon on Twitter also shares a tweet he wrote on October 8 when he enlightened:
The SEC has pulled the rug on approval so many times before, I can not help but wonder what’s around the corner. We (and all the potential issuers) are basically trying to kick Charlie Brown a football.
Speculations regarding the Valkyrie ETF
People are still skeptical because the US regulator has rejected bitcoin ETFs in a vocal way but has not said anything official about approving a cryptocurrency exchange traded fund. Others have too shared documents regarding Valkyrie’s bitcoin exchange traded fund, as many have speculated in its approval.
Still, a few people have said that the 8A document regarding Valkyries Bitcoin Strategy ETF does not necessarily mean guaranteed approval.
“The SEC has not approved Valkyries Bitcoin Strategy ETF … yet,” the Twitter account Bitcoin Archive told its 539,600 followers. “This is a statement from Nasdaq to the SEC that they have approved the securities and are awaiting a decision from the SEC. That is all.”
Vanecks Gabor Gurbacs replied to Bitcoin Archives tweet and said: “Good catch. There are so many approvals that people no longer [know] when an actual approval is. LAUGH OUT LOUD. “Bitcoin Archive replied the Vaneck leader and said: “Bloomberg guys think it’s 99% safe Mon / Tue, but we do not have confirmation before [the] The SEC says so. ”
What do you think of the new SEC applications that give the impression that the US regulator approved a bitcoin futures-based ETF? Let us know what you think about this topic in the comments section below.
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