NYSE Bring Bitcoin ETF Closer To Reality

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The New York Stock Exchange (NYSE) has become the latest to put forward a Bitcoin ETF-related proposal to the SEC. NYSE is planning on launching two funds to track Bitcoin futures report

The NYSE wants to list the ProShares Bitcoin ETF and the ProShares Short Bitcoin ETF, two exchange-traded funds that would allow traders to bet on how the volatile cryptocurrency futures contracts will perform. ProShares, which has more than $29 billion in assets under management, filed its own documents with the SEC for the two bitcoin ETFs in September.

ETFs have been filed many times before, and each time they have been stopped at the SEC’s door. However, a lot has happened since those failed attempts, and the fact that futures have been launched, and the popular digital currency has hit new levels of acceptance, means that time may indeed be ripe for Bitcoin ETFs.

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If NYSE successfully launches their futures-tracking ETFs, would be further legitimacy added to the unregulated and highly volatile asset. It could also lead to the currency hitting another rally as was seen in the run-up to the launch of the Bitcoin futures.

Win Thin, global head of emerging markets strategy at Brown Brothers Harriman, the custodian of the proposed ETFs has said