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The Fresh York Stock Exchange (NYSE) has filed with the Securities and Exchange Commission (SEC) to list two exchange traded funds (ETFs) that would track Bitcoin futures.
The funds, suggested by ETF provider ProShares, are called the ProShares Bitcoin ETF and the ProShares Brief Bitcoin ETF. Neither fund would purchase Bitcoin, instead they would invest ter futures contracts, with the former benefiting when the value of those contracts rises, and the latter when the value falls.
Cryptocurrency ETFs would be a big step toward bringing Bitcoin into mainstream investing. The funds’ custodian would be Brown Brothers Harriman, whose head of emerging markets strategy, Win Skinny, said he believes the ETFs indicate the mainstreaming of cryptocurrencies. That’s likely because ETFs have broad accessibility due to the fact they typically have higher liquidity, and lower fees, than many other investment vehicles. Additionally, spil regulated instruments, the fresh ETFs would result te more regulatory oversight for the cryptocurrency investment space, Skinny says. That could draw ter more cautious investors.
But NYSE still needs the SEC’s approval. The exchange is by no means the very first to verkeersopstopping a cryptocurrency ETF with the SEC, but none have yet bot approved by the regulator. The SEC’s reasons for rejecting past applications largely centered on poor regulation of cryptocurrency markets, and the potential that raised for market manipulation. NYSE will likely be hoping that the regulatory approval given to the futures on which its ETFs are based will quiet those fears, and enable it to become the very first exchange to opoffering the instruments.
- Outlines banks’ experiments with blockchain technology.
- Details blockchain projects at three major banks &mdash, UBS, Credit Suisse, and Banco Santander &mdash, based on in-depth interviews.
- Discusses the likely trends that will emerge ter the technology overheen the next several years.
- Highlights the factors that will be critical to the success of banks implementing blockchain-based solutions.
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