Bitcoin topped $60,000 for the first time since April with traders anticipating that the Securities and Exchange Commission will approve its first exchange-traded funds giving investors direct access to the largest cryptocurrency by market value.
Bloomberg said the SEC is ready to trade the first U.S. Bitcoin futures exchange traded, according to people familiar with the matter. A decision may come as early as next week.
Bitcoin ETF applications have been piling up at the SEC from the likes of WisdomTree and VanEck.
Unlike Bitcoin ETF applications that the regulator has previously rejected, the proposals by ProShares and Invesco Ltd. are based on futures contracts and were filed under mutual fund rules said SEC Chairman Gary Gensler provide significant investor protections the organization reported.
Another Bitcoin like ETF has gained approval recently. The that provides investors access to companies with significant exposure to the world's largest cryptocurrencies, rather than the ability to trade it directly.
A spokesperson for the SEC declined to comment, as did an official from ProShares.