After finally receiving a green signal by the Securities and Exchange Commission, the first Bitcoin exchange-traded fund (ETF) will launch this Wall Street Tuesday, giving investors an alternative way for investing into the crypto market.

ProShares, which received an approval of the SEC Friday, today announced early morning, that its ETF will start trading with the New York Stock Exchange under the symbol BITO.

“We believe a multitude of investors have been eagerly awaiting the launch of a Bitcoin-linked ETF after years of efforts to launch one,” ProShares CEO Michael L. Sapir said in a statement. ProShares Director Michael L. Sapir in an announcement. “BITO will open up exposure to Bitcoin to a large segment of investors who have a brokerage account and are comfortable buying stocks and ETFs, but do not desire to go through the hassle and learning curve of establishing another account with a cryptocurrency provider and creating a Bitcoin wallet or are concerned that these providers may be unregulated and subject to security risks.”

ProShares ETF ProShares ETF is being called “Bitcoin-linked,” as it invests primarily on Bitcoin futures contracts, but it will not invest directly into Bitcoin.

Bitcoin is, however it has been gaining momentum because investors are anticipating the SEC permitting ETFs made around cryptocurrency. (It’s up 2percent as of 10:15 a.m. ET on Monday to $62,000.) Other companies likely to announce their own products in the next few weeks, days and even months (pending SEC approval or lack of intervention) include Valkyrie, Invesco, and VanEck.

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Asset managers are trying to have an Bitcoin ETF approved since 2017 However, they have been repeatedly deterred in the SEC. The former chairman Jay Clayton was against the investment vehicles, saying that none can be resistant to market manipulation. Gary Gensler, current head of the SEC is been more willing to investing in cryptocurrency futures and that’s the area where the current group of applicants, which includes ProShares, are focusing their efforts.

The companies are optimistic that, if futures-focused Bitcoin ETFs perform well they will make the SEC more willing to accept any ETF which invests direct into Bitcoin moving forward.

By Mike Francis

Mike Francis is an American news Journalist for 9 years and has become an expert in Journalism. Mike has been writing as an author for more than 10 years, even after he continued to be Journalist, he never left his writing career behind. Now Mike is a superior Journalist and author at Daily Reuters.

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