The ProShares bitcoin futures-based exchange traded fund (ETF) is slated to list Monday pending no last minute regulatory interference.
The firm filed a post-effective amended prospectus today stating its intention to launch on Oct. 18. It will list under the ticker $BITO
There will likely be no formal green light from the Securities and Exchange Commission (SEC). In the case of such registrations, once 75 days lapses from the initial filing with no dissent from the SEC, a product is clear to list. ProShares most recent filing indicates it will list on NYSE Arca this Monday.
It will be the first crypto futures-based product to list on a U.S. exchange. Though it does not provide a vehicle to directly invest in the bitcoin spot market, it will be the most direct exposure available to investors in the form of an ETF.
Eric Balchunas, senior ETF analyst at Bloomberg, said the post effective filing amounts to "home free" for ProShares.
"The deed is done," he tweeted with a screenshot of the filing.
The listing of a crypto-based ETF has been long-awaited by many in the industry. After Canada gave several crypto-based products the green light earlier this year, many speculated the U.S. securities regulators could look more favorably on a bitcoin ETF.
However, SEC chairman Gary Gensler expressed he was particularly enthused by the prospect of an ETF filed under the Investment Act of 1940 tied to CME bitcoin futures. ProShares was the first to file under these conditions after the chairman's comments, meaning it will be the first to list. Other registrants jockeying for position include Valkyrie, VanEck, Invesco and BlockFi among others.
Still, the quest for a spot bitcoin ETF has yet to come to an end. Issuers with spot products before the commission continue to face repeated extensions. VanEck will likely be the first to receive its answer. The SEC recently punted on the decision a final time, moving the decision deadline to November 14. The SEC has historically cited concerns of market manipulation in bitcoin spot markets in its previous rejections.