{"id":473886,"date":"2021-10-15T22:36:27","date_gmt":"2021-10-15T22:36:27","guid":{"rendered":"https:\/\/wncen.com\/?p=473886"},"modified":"2024-06-11T13:59:33","modified_gmt":"2024-06-11T13:59:33","slug":"bitcoin-etf-receives-approval-from-sec","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-etf-receives-approval-from-sec\/","title":{"rendered":"Bitcoin ETF Receives Approval from SEC, Marking Historic Day for Crypto"},"content":{"rendered":"<p><span style=\"font-weight: 400\">Since the first meteoric rise of Bitcoin in 2017, asset managers and investment firms have looked to seize the opportunity in the growing space, attempting to bring the cryptocurrency to Wall Street. Of course, the majority of these efforts (if not all) were futile \u2013 caused by waning demand during downturns, opposition from government entities, or the general uncertainty surrounding crypto\u2019s future as an asset class. But now, with Bitcoin gaining approval from the public, institutions, and even nations like El Salvador, it only seems right for crypto to finally cement its legitimacy.\u00a0<\/span><\/p>\n<h2>ProShares&#8217; Bitcoin ETF Gains Approval from the SEC<\/h2>\n<p><span style=\"font-weight: 400\">Earlier today, the Securities and Exchange Commission (SEC) finally announced that it had approved the first ever Bitcoin Futures ETF in the United States. This is following months of deliberation and delays, with the commission delaying its verdict on at least a dozen or more additional Bitcoin ETF applications. Proshares, the asset management firm that filed its ETF earlier this summer, is set to launch as early as next week. In its <\/span><a href=\"https:\/\/www.sec.gov\/Archives\/edgar\/data\/0001174610\/0006052\/f10028d1.htm#xx_4b8c6ffd-24ba-48e2-8602-4fab24bc5422_2\" rel=\"nofollow\"><span style=\"font-weight: 400\">amended prospectus <\/span><\/a><span style=\"font-weight: 400\">updated on Oct. 15, Proshares stated that its ETF is expected to launch on Monday, Oct. 18.\u00a0<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">BREAKING: U.S. Securities and Exchange Commission (SEC) officially approves <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">#Bitcoin<\/a> ProShares Futures ETF, which is expected to begin trading next week. <a href=\"https:\/\/t.co\/FC4mEaJuPO\" rel=\"nofollow\">pic.twitter.com\/FC4mEaJuPO<\/a><\/p>\n<p>&mdash; WhaleWire (@WhaleWire) <a href=\"https:\/\/twitter.com\/WhaleWire\/status\/30459648?ref_src=twsrc%5Etfw\" rel=\"nofollow\">October 15, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span style=\"font-weight: 400\">Without a doubt, this is a historic moment for the cryptocurrency space. Serving as a regulated alternative to directly holding the underlying digital asset, an accessible exchange-traded fund will mean an influx of funds from retail and institutional investors alike. <\/span><\/p>\n<p><span style=\"font-weight: 400\">ProShares\u2019 Bitcoin ETF will function similarly to that of <a href=\"https:\/\/wncen.com\/news\/bitcoin\/gbtc-spells-doom-bitcoin-break-down\/\">Grayscale\u2019s GBTC<\/a>, where the ETF will track Bitcoin futures, rather than the price of the digital asset directly. SEC Chair Gary Gensler stated that future-based products will likely provide stronger investor protections due to the stringent securities laws they must operate under.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">As a futures-based product, there may be potential premiums or discounts relative to the net asset value (NAV). However, the Proshares\u2019 ETF has a management fee of 0.95%, which is considerably lower than GBTC\u2019s 2%. This, coupled with GBTC\u2019s stringent redemption periods and deviation from the NAV, will likely lead to a mass rotation of funds from the GBTC to ProShares\u2019 ETF.\u00a0<\/span><\/p>\n<h2>Breaking Down Bitcoin&#8217;s Price Action<\/h2>\n<p><span style=\"font-weight: 400\">The aforementioned news sent the crypto markets higher, with BTC nearing its all-time high price of $63,000. Earlier today, the price of BTC peaked at $62,600. At press time, BTC is priced at $61,300 \u2013 up 6.36% in the past 24 hours alone.<\/span><\/p>\n<figure id=\"attachment_473887\" aria-describedby=\"caption-attachment-473887\" style=\"width: 3010px\" class=\"wp-caption alignnone\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-473887 size-full\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2021\/10\/BTCUSD_2021-10-15_17-26-18.png?resize=3010%2C1850\" alt=\"Bitcoin \" width=\"3010\" height=\"1850\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2021\/10\/BTCUSD_2021-10-15_17-26-18.png?w=3010 3010w, https:\/\/wncen.com\/wp-content\/uploads\/2021\/10\/BTCUSD_2021-10-15_17-26-18.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2021\/10\/BTCUSD_2021-10-15_17-26-18.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2021\/10\/BTCUSD_2021-10-15_17-26-18.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2021\/10\/BTCUSD_2021-10-15_17-26-18.png?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2021\/10\/BTCUSD_2021-10-15_17-26-18.png?w=2048 2048w, https:\/\/wncen.com\/wp-content\/uploads\/2021\/10\/BTCUSD_2021-10-15_17-26-18.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2021\/10\/BTCUSD_2021-10-15_17-26-18.png?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><figcaption id=\"caption-attachment-473887\" class=\"wp-caption-text\">Following news of Bitcoin&#8217;s first ever ETF approval in the US, investors rejoiced as Bitcoin (BTC\/USD) rallied to close in on its ATH prices. Source: <a href=\"https:\/\/www.tradingview.com\/chart\/7QgZBvyS\/?symbol=COINBASE%3ABTCUSD\" rel=\"nofollow\">Tradingview.com<\/a><\/figcaption><\/figure>\n<p><span style=\"font-weight: 400\">According to <a href=\"https:\/\/coinmarketcap.com\/currencies\/bitcoin\/\" rel=\"nofollow\">CoinMarketCap<\/a>, the major cryptocurrency has reclaimed its $1 trillion market capitalization, comfortably sitting at $1.15T. Ethereum and other major altcoins reacted positively to the news, closing in on their respective all-time high prices.<\/span><\/p>\n<pre>Featured image from UnSplash<\/pre>\n","protected":false},"excerpt":{"rendered":"<p>Since the first meteoric rise of Bitcoin in 2017, asset managers and investment firms have looked to seize the opportunity in the growing space, attempting to bring the cryptocurrency to Wall Street. Of course, the majority of these efforts (if not all) were futile \u2013 caused by waning demand during downturns, opposition from government entities, or the general uncertainty surrounding crypto\u2019s future as an asset class. But now, with Bitcoin gaining approval from the public, institutions, and even nations like El Salvador, it only seems right for crypto to finally cement its legitimacy.\u00a0 ProShares&#8217; Bitcoin ETF Gains Approval from the SEC Earlier today, the Securities and Exchange Commission (SEC) finally announced that it had approved the first ever Bitcoin Futures ETF in the United States. This is following months of deliberation and delays, with the commission delaying its verdict on at least a dozen or more additional Bitcoin ETF applications. Proshares, the asset management firm that filed its ETF earlier this summer, is set to launch as early as next week. In its amended prospectus updated on Oct. 15, Proshares stated that its ETF is expected to launch on Monday, Oct. 18.\u00a0 BREAKING: U.S. Securities and Exchange Commission (SEC) officially approves #Bitcoin ProShares Futures ETF, which is expected to begin trading next week. pic.twitter.com\/FC4mEaJuPO &mdash; WhaleWire (@WhaleWire) October 15, 2021 Without a doubt, this is a historic moment for the cryptocurrency space. Serving as a regulated alternative to directly holding the underlying digital asset, an accessible exchange-traded fund will mean an influx of funds from retail and institutional investors alike. ProShares\u2019 Bitcoin ETF will function similarly to that of Grayscale\u2019s GBTC, where the ETF will track Bitcoin futures, rather than the price of the digital asset directly. SEC Chair Gary Gensler stated that future-based products will likely provide stronger investor protections due to the stringent securities laws they must operate under.\u00a0 As a futures-based product, there may be potential premiums or discounts relative to the net asset value (NAV). However, the Proshares\u2019 ETF has a management fee of 0.95%, which is considerably lower than GBTC\u2019s 2%. This, coupled with GBTC\u2019s stringent redemption periods and deviation from the NAV, will likely lead to a mass rotation of funds from the GBTC to ProShares\u2019 ETF.\u00a0 Breaking Down Bitcoin&#8217;s Price Action The aforementioned news sent the crypto markets higher, with BTC nearing its all-time high price of $63,000. Earlier today, the price of BTC peaked at $62,600. At press time, BTC is priced at $61,300 \u2013 up 6.36% in the past 24 hours alone. According to CoinMarketCap, the major cryptocurrency has reclaimed its $1 trillion market capitalization, comfortably sitting at $1.15T. Ethereum and other major altcoins reacted positively to the news, closing in on their respective all-time high prices. Featured image from UnSplash<\/p>\n","protected":false},"author":536,"featured_media":473889,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1119,6664,1558,1944,84491,3799],"class_list":["post-473886","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc","tag-crypto","tag-cryptocurrency","tag-etf","tag-garygensler","tag-sec"],"acf":[],"yoast_head":"\n<title>Bitcoin ETF Receives Approval from SEC, Marking Historic Day for Crypto<\/title>\n<meta name=\"description\" content=\"Since the first meteoric rise of Bitcoin in 2017, asset managers and investment firms have looked to seize the opportunity in the growing space,\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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