And just like that investors have a pure Bitcoin futures exchange-traded fund.
After months of kicking around at the Securities and Exchange Commission, regulators finally pulled the trigger, approving ProShares Bitcoin Strategy ETF, which began trading on Tuesday.
Putting together a belt and suspenders approach of the regulated futures market and a regulator ETF really provides a robust solution for investors and one they can just put in their brokerage account, trades like a stock, ProShares Global Investment Strategist Simeon Hyman said during an interview on FOX Business The Claman Countdown. Days before the ProShares debut, WisdomTree s Enhanced Commodity Strategy Fund beefed up the ETF by adding a 3% allocation to cash-settled Bitcoin futures traded on the Chicago Mercantile Exchange, giving investors a little crypto mixed in with commodities.
It invests in a broad array of different commodities from gold to livestock to oil and is really focused on a broad commodity exposure. We thought that adding Bitcoin futures would add further differentiation, Ryan Louvar, general counsel at WisdomTree, told FOX Business.
WisdomTree, among the first to file a Bitcoin ETF application with the SEC, is hopeful its WisdomTree's Bitcoin Trust will get the green light.
VanEck, another firm to file with the SEC, hinted that approval is imminent without disclosing timing.
VanEck is excited to offer a long-awaited Bitcoin exchange traded product to the U.S. market, Ed Lopez, head of ETF product at VanEck, said in a statement to FOX Business. We were the first asset manager to file for a Bitcoin futures ETF back in 2017 and we are offering what would be the most competitively priced ETF in the category when we come to market. The buzz around the ETF space drove Bitcoin prices to a new record high of $66,974 this week before pulling back. So far this year, the largest cryptocurrency by market value has gained 110%, as tracked by CoinDesk.