- After years of delays and setbacks, the first crypto-linked exchange traded fund in the U.S. ProShares Bitcoin Strategy ETF issued its debut Tuesday, marking a watershed moment for the industry that followed?
None of Google's Biggest Moonshots Is Its Search for a Carbon Free Future?
No The Biggest Public Graveyard in the U.S. Is Being a Park?
The fund trading under the ticker BITO lifted about 3% to $41.25 as of 9:33 a.m. in New York. It was well-planned for long by both the Crypto community and investors on Wall Street, much of whom have had arguments since years that a Bitcoin-centric exchange would be overdue. The IGF is based on futures contracts and was filed under management of mutual funds that SEC Chairman Gary Gensler said provide significant investor protections. However, the price of Bitcoin has been rising in anticipation - - the world s largest cryptocurrency was trading over $62,000 the next morning on Tuesday in New York City, slightly below its April record highs.
It s an incredibly positive week - there s been really positive sentiment around the ETF in particular, said Sam Bankman-Fried, chief executive officer of exchange FTX, by phone.
It has long been assumed that whoever collects first approval could stand to reap the greatest benefits - including industry recognition as well as potentially attracting huge amounts of cash. Some analysts are bullish on BITO prospects - the futures-funded Bitcoin ETF could attract more than $50 billion in investment in its first year given the hype around it, according to noted Bitcoin bull Tom Lee, founder of Fundstrat Global Advisors.
Market-watchers have a few measuring sticks with which to gauge BITO s initial reception. The SPDR Gold Shares fund, ticker GLD, had the fastest ever climb to $1 billion in assets under management, reaching the landmark in just three days, according to Bloomberg Intelligence. More recently, the VanEck Social Sentiment fund, ticker BUZZ, saw more than $400 million worth of shares traded on its debut earlier this year, one of the highest amounts ever traded for an ETF on its first day.
Bloomberg News reported last week that the U.S. Securities and Exchange Commission wasn t going to interfere with the launch of a futures fund in the USA.
Jay Clayton has been viewed as more open-minded towards crypto than his predecessor, Gensler. Observers cite Gensler's previous interest in the crypto world - he once taught a class at MIT s Sloan School of Management called Blockchain and Money. And the chairman signaled over the summer that regulators may be more open to a Bitcoin ETF if it was based on futures rather than cryptocurrency itself.
How does Donald Trump, Elon Musk, and Gwyneth Paltrow shorten your thoughts?
What I found in brain about other things neilmost, but what did your brain find?
None These out-of-work Americans tell us Job market turmoil is Nothing but transitory.
Homeopathy does not work.