DailyCoin
Published Nov 25, 2022 05:40AM ET
Updated Nov 25, 2022 07:00AM ET
Crypto Asset Manager Refiles Bitcoin Futures ETF
As a result of the high price tag and complexity of the proposed product, Bitwise withdrew its application back in November 2021. The initial proposal submission happened back in September last year.
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Bitwise re-files a Bitcoin futures ETF, starting from scratch and with their own ETF trustBitwise Bitcoin Strategy Optimum Yield ETF$BITC | fees tba | eff Feb 6"Yield" in this case is referring to the futures "roll yield" and not distribution yield.https://t.co/ZXCKqikheC https://t.co/EEVakTUtQO pic.twitter.com/m38dnGJuSZh2 Bitcoin Futures ETF Applications/h2
— ETF Hearsay by Henry Jim (@ETFhearsay) November 23, 2022
Many in the cryptocurrency industry consider October 19, when ProShares introduced the first Bitcoin futures exchange-traded fund in the United States, to be a turning point.
On its first day of trading, it surpassed $500 million in volume, making it the second most actively traded fund in history.
Shortly after, Valkyrie introduced a similar product, making it the second crypto exchange-traded fund to obtain Securities and Exchange Commission approval.
h2 On the Flipside/h2ETFs that track Bitcoin futures prices provide investors exposure to Bitcoin’s fluctuating value without requiring them to actually purchase Bitcoin. The introduction of bitcoin ETFs and bitcoin futures ETFs may aid in accelerating growth in both bitcoin and gains across the cryptocurrency industry, given that the positions of many other digital currencies are closely correlated with that of the original cryptocurrency.
Read more market news:
Coinbase (NASDAQ:COIN) Backs Grayscale’s Lawsuit Against the SEC’s Denial of a Bitcoin Spot ETF
Crypto Winter Has Institutional Investors Stacking Sats: Survey
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Written By: DailyCoin
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