TechFlow news, according to CoinDesk, the U.S. Securities and Exchange Commission (SEC) approved on Friday the Bitcoin futures ETF filed by fund management company ProShares, following a meeting among its five commissioners. The company submitted the necessary offering documents on Friday afternoon. The filing indicates that the product will be based on Bitcoin futures contracts rather than spot Bitcoin, carry an expense ratio of 0.95%, trade on the NYSE Arca exchange, and use the ticker symbol BITO.
Bloomberg reported that the Bitcoin futures ETF could begin trading as early as Monday, while The Wall Street Journal expects trading to start on Tuesday.
The product will track Bitcoin futures rather than the direct price of Bitcoin. SEC Chair Gary Gensler stated that he believes futures-based products may offer stronger investor protections due to the regulatory framework under which they operate.
