The bitcoin-based exchange-traded fund (ETF) ProShares is expected to be listed on Monday pending no last-minute regulatory interference.
The company today filed an amended post-effective prospectus indicating its intention to launch on October 18. It will be listed under the symbol $ BITO
There will likely not be a formal green light from the Securities and Exchange Commission (SEC). In the case of such registrations, once 75 days have passed since the initial filing without any dissent from the SEC, a product is clear to list. ProShares’ most recent filing says it will be listed on NYSE Arca on Monday.
It will be the first crypto futures product to be listed on a U.S. stock exchange. While it does not provide a way to invest directly in the bitcoin spot market, it will be the most direct exposure available to investors in the form of an ETF.
Eric Balchunas, senior ETF analyst at Bloomberg, said the publication’s actual filing equates to “free at home” for ProShares.
“The action is done”, he tweeted with a screenshot of the folder.
Listing a crypto-based ETF has long been overdue by many in the industry. After Canada gave the green light to several crypto-based products earlier this year, many speculated that U.S. securities regulators might view a bitcoin ETF more favorably.
However, SEC Chairman Gary Gensler said he was particularly excited about the prospect of an ETF filed under the 1940 Investment Act tied to CME bitcoin futures. ProShares was the first to file under these terms after the president’s comments, meaning it will be the first to be listed. Other registrants looking to position themselves include Valkyrie, VanEck, Invesco, and BlockFi, among others.
Still, the quest for a bitcoin cash ETF is not yet over. Issuers with spot products before the commission continue to face repeated extensions. VanEck will probably be the first to receive his answer. The SEC recently overturned the ruling one last time, moving the ruling deadline to November 14.