The first Bitcoin futures ETF in the United States is about to start trading. Why is its initiator ProShares sacred?
Last Friday, after a meeting of five members of the US Securities and Exchange Commission (SEC), they approved the Bitcoin futures ETF issued by the fund management company ProShares, marking the first time in history.
On October 15, US ETF provider ProShares disclosed the revised Bitcoin futures ETF documents that took effect, symbolizing the completion of the necessary procedures before listing. The New York Stock Exchange High Growth Board Market (NYSE Arca) also confirmed its listing permission on Friday afternoon and will trade under the symbol “BITO”. According to the latest documents submitted, the fund plans to be listed for trading on October 18, but the specific listing date has yet to be formally confirmed by the company. At present, the possibility of delaying a few days is not ruled out.
ProShares is an American professional exchange-traded product (ETP) provider that provides tools such as leveraged trading, reverse trading and volatility trading. It belongs to the ProFunds Group, which was founded in 1997 by Louis Mayberg and Michael Sapir for $100,000. ProShares and ProFunds launched the first U.S. leveraged and reverse exchange-traded fund (ETF) in 2006. Since then, it has been at the forefront of the ETF revolution, and its assets are expected to exceed $64 billion.
ProShares’ clients include:
- Hedge Fund
- Asset manager
- Pensions, foundations and endowments
- Insurance company
The services it provides include: portfolio experts and market strategists, as well as key authorized participants to provide internal access rights and regular development of customized solutions
- Portfolio diversification strategy-optimize the allocation strategy to meet specific risk/return conditions.
- Risk management solutions-hedging strategies to address specific portfolio risks.
- Tactical portfolio adjustments-trading strategies for short- and medium-term market prospects, focusing on asset classes, industries, regions or styles.
- Exposure adjustment-assist in reallocating capital, rebalancing and transferring asset weights.
- Liquidity management-a cash management strategy to maintain sufficient investment.
It currently provides a total of 139 products, including:
It is worth noting that on July 28 this year, its parent company ProFunds launched the first publicly issued Bitcoin-related mutual fund- Bitcoin Strategy ProFund ( BTC FX), which eliminated investors and financial professionals from using exchanges or The wallet separately manages the need for their Bitcoin exposure, and investors do not need to access Bitcoin through unregulated exchanges or wallets to include digital assets in their investment portfolios. The fund does not invest directly in Bitcoin, but only invests in Bitcoin derivatives (futures contracts), and gains income by tracking the price of digital currencies.
Price trend from the beginning of establishment to October 15
Posted by:CoinYuppie，Reprinted with attribution to:https://coinyuppie.com/the-first-bitcoin-futures-etf-in-the-united-states-is-about-to-start-trading-why-is-its-initiator-proshares-sacred/
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