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American ETP issuer ProShares has made another decisive move to expand its Bitcoin ETF products suite. The asset manager has applied to list three new Bitcoin-linked ETF products, with stock market native products as reserves. These filings come amid growing consideration of more leniency in U.S. SEC approvals next year with a new Chairman set to take office.
ProShares Bitcoin ETF filings
Per an update from ETF Store President Nate Geraci, the three filings from ProShares include the S&P 500 Bitcoin ETF, the Nasdaq-100 Bitcoin ETF and the Gold Bitcoin ETF, respectively.
Yuri MolchanNate Geraci states these products are long in the underlying stocks or gold. These would now feature a short USD and long Bitcoin position using Bitcoin Futures offerings. The dual-faced model of these new ETFs made him call the prospective offerings "BTC hedged ETFs."
Since spot Bitcoin and Ethereum ETF products secured approval from the U.S. SEC, there has been no slowing down in the number of filings.
While the number of crypto ETFs like Litecoin, Hedera, Solana and XRP ETF products has grown, asset managers are also intensifying how these offerings target traditional finance products more closely.
Geraci aptly observed that "Bitcoin is starting to eat tradfi."
Year of crypto Wall Street takeover
The timing of the current filing has triggered commentary from market experts on how unrelenting ETF issuers are in driving more reach for the product. Beyond the $5,500 Ethereum price forecast from Galaxy Digital, the firm also issued a major ETF adoption prediction.
Alex DovbnyaAs noted, at least one big asset manager will allocate 2% of its Assets Under Management (AuM) to Bitcoin, underscoring the potential for the asset to go mainstream on Wall Street.
Already, many traditional firms are buying Bitcoin through ETFs, complementing the unrelenting acquisitions from spot buyers like MicroStrategy.
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Alex Dovbnya
Vladislav Sopov
Dan Burgin