Bitcoin Comes To the Big Board
Bitcoin has been on a tear in recent weeks, approaching record high prices above $60,000, as crypto enthusiasts anticipate history in the making. Tomorrow morning, ProShares will launch a long-awaiting exchange-traded fund on the New York Stock Exchange linked to Bitcoin futures, the firm and the exchange told DealBook. From a report: The E.T.F. will give investors exposure to Bitcoin without having to hold the cryptocurrency directly, via any ordinary brokerage account. "2021 will be remembered for this milestone," said Michael Sapir, the C.E.O. of ProShares. Investors who are curious about crypto but hesitant to engage with unregulated crypto exchanges want "convenient access to Bitcoin in a wrapper that has market integrity," he said. For nearly a decade, crypto entrepreneurs and traditional finance firms have sought permission to launch a Bitcoin E.T.F. in the U.S., but their applications have been delayed or denied by the S.E.C. Many remain pending. A Bitcoin futures E.T.F. falls short of what some purists want: a fund that holds crypto directly. Gary Gensler, the S.E.C. chair, recently suggested that the agency might allow crypto E.T.F.s based on futures -- bets on Bitcoin's price fluctuations rather than the underlying crypto itself -- that trade on a highly regulated exchange. Approval for the ProShares E.T.F., which is based on Bitcoin futures that trade on the Chicago Mercantile Exchange, won't be announced by the S.E.C., but the firm's final prospectus met with no opposition ahead of its effective deadline, and the N.Y.S.E. is readying for launch tomorrow.
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