A New York Times article today entitled ‘Bitcoin comes to the Big Board’ confirmed that the first Bitcoin ETF (exchange-traded fund) will soon trade on the New York Stock Exchange (NYSE).
The Proshares Bitcoin ETF is set to launch tomorrow, October 19th, 2021 in a ‘milestone for the industry‘.
Proshares Bitcoin ETF (BITO)
Eagle-eyed cryptocurrency traders had already noticed that a new ticker, BITO, had been added on TradingView for the Proshares Bitcoin ETF.
Upon launch you’ll be able to invest in the first Bitcoin ETF on regulated exchange eToro, which supports stocks and ETFs listed on the NYSE.
Since the ETF will be based on futures contracts of Bitcoin, retail investors may prefer to simply buy Bitcoin and hold the underlying asset for the long-term.
It is hoped however that the launch of the first Bitcoin ETF will increase the legitimacy of the cryptocurrency markets and provide a way for more institutions to enter the space.
The Bitcoin price has already rallied above $60,000 close to its previous all-time high on rumours of the first Bitcoin ETF being approved.
Now that they’ve been confirmed, it remains to be seen whether tomorrow’s Bitcoin ETF NYSE debut leads to a ‘sell the news’ type correction or a further price rally through the remainder of Q4.
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