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Effective on 10/18! ProShares Bitcoin ETF countdown to two days? ETF Analyst: Progress at 99%

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Effective on 10/18! ProShares Bitcoin ETF countdown to two days? ETF Analyst: Progress at 99%

Over the past two days, there have been continuous reports in the market about the significant positive news of a Bitcoin ETF getting approved. Currently, the fastest and most anticipated one is ProShares, with its approved official documents possibly set to be released on 10/18. Valkyrie has also made progress in this regard, and asset management company Jacobi has already launched the first Bitcoin ETF in Europe.

ProShares

Foreign media claimed that after a meeting with five SEC commissioners on Friday, the fund management company ProShares had received approval for a Bitcoin ETF. According to its revised prospectus, the details are as follows:

  • Name: Bitcoin Strategy ETF
  • Stock Ticker: BITO
  • Management Fee: 0.95%
  • Exchange: NYSE Arca
  • Based on Bitcoin futures contracts, not spot

Last summer, ProShares applied for a Bitcoin ETF. Bloomberg ETF analyst James Seyffart tweeted that Bloomberg's data team is in the final stages of incorporating the ProShares Bitcoin Strategy ETF and its fee, which is less than half of GBTC's 2%, is expected to officially launch next Monday or Tuesday.

Due to the attention generated by James Seyffart's tweet, he also explained:

While instances where the Bloomberg data team has incorporated a stock ticker but it ultimately didn't list have occurred, they are extremely rare. So, I would say we have completed 99% of the work, not 100%.

Valkyrie, Invesco

Valkyrie is also one of the ETFs with high approval prospects recently. The Wall Street Journal claims that Valkyrie Investments, Invesco, and VanEck may issue Bitcoin futures ETFs this month, followed by institutions such as Galaxy Digital, AdvisorShares, Bitwise, BlockFi, and ARK Invest.

In simple terms, Valkyrie completed a similar application process to ProShares afterwards. As reported on 10/13, Valkyrie amended the N1-A document and updated it on the 15th, submitting the 8-A document on the same day.

In addition, the issuance notice released by Nasdaq Vice President Eun Ah Choi has also attracted market attention. Nasdaq has allowed the ETF to be listed and is currently awaiting SEC approval.

Invesco jointly applied with Galaxy for the Invesco Galaxy Bitcoin ETF on 9/21, which analysts also believe is one of the Bitcoin ETFs likely to pass in October.

Jacobi

At the same time, asset management company Jacobi has launched the first Bitcoin ETF in Europe, which has been authorized by the Guernsey Financial Services Commission GFSC and plans to be listed on the pan-European stock exchange Cboe Europe, pending approval from the UK Financial Conduct Authority FCA.