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ETH · 5w

It's Official. Bitcoin Just Joined the New York Stock Exchange. Ethereum up next?

Bitcoin's continued growth in recent weeks has sent many enthusiasts declaring this moment as history in the making, and on Tuesday, October 19, they will be vindicated.

ProShares is launching a long-awaited exchange-traded fund (ETF) on the New York Stock Exchange tied to Bitcoin futures, according to an initial report from The New York Times.

In case you missed it, Bitcoin has entered the New York Stock exchange for the first time, allowing investors the option to invest in the cryptocurrency without directly holding it, via conventional broker accounts.

The New York Stock Exchange is preparing for Bitcoin

"2021 will be remembered for this milestone," said ProShares CEO Michael Sapir, in the NYTimes report. This signals that investors have grown curious about crypto, but remain hesitant to directly purchase unregulated crypto exchanges. Now they will have "convenient access to Bitcoin in a wrapper that has market integrity," added Sapir. Entrepreneurs and traditional finance firms interested in crypto have wanted this for nearly a decade, attempting to acquire permission to launch Bitcoin ETFs in the United States, but applications have been continually delayed or outright denied by the Securities and Exchange Commission (SEC). Several of these applications are still pending to this day.

Bitcoin futures ETF isn't everything that hardcore crypto enthusiasts, since some want a fund that directly holds crypto. The SEC Chair Gary Gensler recently said the agency could allow ETFs based on futures, which are bets on the fluctuations of Bitcoin price instead of the crypto itself, which trade on a heavily regulated exchange. But, since the ProShares ETF is based on Bitcoin futures (which, in turn, is traded on the Chicago Mercantile Exchange, the SEC will not announce it. Instead, ProShares' final position saw no opposing push-back in the hours approaching the deadline, and the New York Stock Exchange (NYSE) is already preparing for the l...

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