Main navigation

BREAKING: ProShares Bitcoin ETF to Launch on Tuesday Oct 19

News
Mon, 10/18/2021 - 11:28
article image
Yuri Molchan
The launch of ProShares Bitcoin futures ETF this week has been confirmed
BREAKING: ProShares Bitcoin ETF to Launch on Tuesday Oct 19
Cover image via U.Today

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Read U.TODAY on
Google News

According to a title shared by the Bloomberg Terminal Twitter account, on Tuesday, Oct. 19, ProShares will launch the first long-expected Bitcoin futures ETF with the ticker BITO. The data has been confirmed by The New York Times. The ETF will trade on the New York Stock Exchange.

The Bitcoin ETF that will hold Bitcoin futures but not BTC itself will finally launch after a 75-day review by the U.S. SEC regulatory agency spearheaded by Gary Gensler.

The news that the ETF just might be approved was published last week. However, it has been confirmed now.

Related
DOGE Over 12% Up, Trading at $0.26

The flagship cryptocurrency, Bitcoin, soared on the expectation of this ETF launch and reached a half-year high of $62,944 on Friday, and earlier today, it traded slightly lower—at $62,288 per coin.

Thus, BTC is inching close to its April all-time high of $64,895.

Last week, CNBC's Jim Cramer stated that this week four Bitcoin ETFs are expected to get SEC approval. If at least one of them is launched, he believes, then Bitcoin is likely to reach a short-term peak or even "a real peak." He stated that if the launch happens, he may even cash out half of his Ethereum stash.

Prominent economist Holger Zschaepitz tweeted that the SEC will not be announcing its approval of the ETF. However, ahead of the deadline for approving the product, it did not meet any objections from the regulatory agency. Thus, ProShares and the NYSE are getting ready for the launch on Tuesday.

Meanwhile, Bitcoin is fluctuating on the news of the long-expected ETF being about to kick off.

article image
About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.