Bitcoin Takes First Step into the Institutional Sphere

First Trading of US Stock Market ETF

[Image source=Reuters Yonhap News]

[Asia Economy Reporter Gong Byung-sun] The first Bitcoin futures exchange-traded fund (ETF) listed on the U.S. stock market is set to begin trading as early as the 18th (local time). This marks the signal of institutional adoption.

According to U.S. economic media Bloomberg, the U.S. Securities and Exchange Commission (SEC) has approved the launch of the Bitcoin futures ETF ‘ProShares Bitcoin Strategy ETF’ applied for by asset management firm ProShares, and trading is expected to start as early as that day. The ETF’s ticker symbol is ‘BITO’.

Other Bitcoin futures ETFs created by different asset management firms are also awaiting approval. The ‘Invesco Bitcoin Strategy ETF’ launched by Invesco is also expected to be approved within next week. Additionally, ETFs created by asset management firms such as Valkyrie, VanEck, and ARK Investment will have their approval status decided within this year.

The currently approved ProShares ETF is based on Bitcoin futures contracts traded on the Chicago Mercantile Exchange (CME), so it is difficult to be directly linked to the spot price of Bitcoin. Nevertheless, it is expected to have a considerable impact on the cryptocurrency market. Bloomberg explained, "In the case of Bitcoin, futures have traded at prices similar to the spot market," adding, "Investors who have not yet engaged with cryptocurrencies, as well as existing crypto investors, will likely show interest in the Bitcoin futures ETF."

This content was produced with the assistance of AI translation services.