The New York Stock Exchange (NYSE) has filed for approval from the Securities and Exchange Commission to list two exchange-traded funds that track Bitcoin futures. The exchange wants to list the ProShares Short Bitcoin ETF and the ProShares Bitcoin ETF – two funds that were submitted for SEC approval three months ago.
Some analysts have been expecting Bitcoin ETFs to finally gain SEC approval, now that Cboe and the Chicago Mercantile Exchange (CME) have launched their Bitcoin futures contracts. Those analysts have suggested that the introduction of Bitcoin futures provides new legitimacy for cryptocurrencies, and a measure of market regulation that may help to allay the SEC’s previously-expressed concerns about Bitcoin ETFs.
The regulatory body had denied a request from the BATS exchange back in March that would have allowed trading of the Winklevoss Bitcoin Trust ETP, citing Bitcoin’s unregulated nature and issues related to surveillance. An ETF request from VanEch was withdrawn by the firm in September after it faced similar skepticism.
According to CNBC, the ProShares fund assets would be overseen by Brown Brother Harriman, in its capacity as fund custodian, and “The funds would track either the Cboe or CME bitcoin futures and would invest their assets in benchmark futures contracts with the option of investing in contracts outside the benchmark.”