SEC to Allow First Ever Bitcoin (BTC) ETF - Report

The U.S. Securities and Exchange Commission (SEC) is preparing to allow the first-ever Bitcoin (BTC) exchange-traded fund next week, according to Bloomberg. This would mark an 8-year long fight for the SEC to approve the first Bitcoin ETF.

The SEC is unlikely to block the product from hitting the market next week. ProShares and Invesco have made a proposal based on futures contracts and these are likely to get the green light.

“Issuers are desperately trying to do everything that they can to be the first, or among the first, out of the gate. This is a good old-fashioned asset grab. The only thing I think we can say for sure is that they’re an indication of where these issuers think the SEC might be leaning,” Ben Johnson, director of global ETF research at Morningstar, told Bloomberg.

ProShares Bitcoin Strategy ETF is likely to start trading on October 18, according to Bloomberg.

Crypto traders were alerted two days ago after Valkyrie Investments updated its futures-backed ETF prospectus with the ticker BTF on Wednesday, a hint that the product could get the green light.

“At the end of the day, really the strongest piece of evidence is Gensler’s own words. He literally told them what to do. They can feel what’s going on,” commented Bloomberg Intelligence’s Eric Balchunas.

As expected, the Bitcoin (BTC) price has reacted positively to this news and is up over 3% on the day to trade near the $60,000 mark again.

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