Yahoo Finance ETF.com Live Blog: Bitcoin ETF Launch Watch
Bitcoin’s price peaked past $60,000 on Friday, as anticipation for a bitcoin ETF is at all-time highs heading into next week. Sources tell ETF.com that the SEC will allow futures-based bitcoin ETFs to become effective as soon as next Monday.
ETF.com will keep you on top of news and filings from the space on this regularly updated page.
Why The Hype Now?
ProShares and Invesco both filed for a futures-based bitcoin ETF on the same date, and under the 2019 ETF Rule, their filings could become immediately effective on Monday barring a last-minute regulatory move by the SEC. At that point, the race to launch begins.
Valkyrie also has a futures-based filing that was filed days later, but industry watchers speculate that it may get a go-ahead from regulators since it is limited just to bitcoin futures, while the ProShares and Invesco funds would be able to buy foreign vehicles that directly hold the asset.
A full roundup is here.
Updates:
Friday, Oct. 15
4:45 p.m. ET: ProShares waited until after the markets closed to make its filings for the day, confirming that it intends to list on the NYSE Arca with the ticker BITO and a 0.95% expense ratio.
The NYSE and Nasdaq both require a full business day between a trader notice and a fund's listing, so the race is now on between Valkyrie and ProShares to be the first to launch early next week.
4:00 p.m. ET: Bitcoin reached an intraday high of $61,839.98 to end Wall Street hours at $61,419.93 and a sizable 6.27% gain on the day. There are no additional filings made by Valkyrie, ProShares or Invesco since Valkyrie's certification from the Nasdaq, but we'll continue to keep an eye out for new filings on Friday evening and through the weekend.
1:11 p.m. ET: Bitcoin is now trading past $61,000 and up 7.25% on the day, well past the two major stock indices. That increase is coming after Valkyrie's filings, which make it all but certain that it will list sometime next week. There's no update from ProShares or Invesco at this point to indicate they are seeking accelerated effectiveness, and they have yet to publicize their tickers and exchanges of choice. Remember, those two filings automatically become effective on Monday unless the SEC steps in.
11:10 a.m. ET: The Nasdaq files a certification for the Valkyrie Bitcoin Strategy ETF for listing, and seeks "immediate acceleration" of the fund's effective registration date. If that's granted, the Nasdaq can send out a trader notice and trigger the one-business-day waiting period before the fund can list.
10:40 a.m. ET: Bitcoin briefly broke the $60,000 mark multiple times this morning, at one point soaring $1,659 in a matter of 20 minutes. Markets in general are up, with the Dow Jones Industrial Average adding 278 points and the S&P 500 adding 28 points as of 10:40 a.m.
Courtesy Coindesk
The record high for Bitcoin is $64,863 in mid-April of this year, which was driven by Coinbase’s IPO.
9:54 a.m. ET: James Seyffart of Bloomberg tweets that the ProShares Bitcoin Strategy ETF is in the process of being added to the Bloomberg Terminal with the ticker BITO and an expense ratio of 0.95%.
There it is! Bloomberg's data team in the process of adding the ProShares Bitcoin Strategy ETF to the terminal. Ticker will be $BITO. 95 bps -- less than half $GBTC's 2% fee. This thing is going live next week. Either Monday or Tuesday. pic.twitter.com/Lil4eHVdmr
— James Seyffart (@JSeyff) October 15, 2021
No updates confirming those details have been submitted to the SEC yet.
9:09 a.m. ET: Valkyrie files to register shares for its futures ETF. The firm already disclosed its intention to file on the Nasdaq with the ticker BTF earlier this week, making it the first to declare its symbol and exchange.
Thursday, Oct. 14
10:00 p.m. ET: Bloomberg reports that the SEC is unlikely to block the ProShares and Invesco filings from coming into effect, citing people familiar with the matter.
4:02 p.m. ET: The SEC tweets a link to an investor bulletin from June 10 about bitcoin futures funds, sparking further speculation that an approval is imminent.
Before investing in a fund that holds Bitcoin futures contracts, make sure you carefully weigh the potential risks and benefits.
Check out our Investor Bulletin to learn more: https://t.co/AZbrkpfn8F— SEC Investor Ed (@SEC_Investor_Ed) October 14, 2021
There are currently 19 applications in front of the SEC for bitcoin ETFs, according to ETF.com’s running tally. Several earlier filings were held up by the SEC because they propose directly holding bitcoin instead of bitcoin futures, or are filed under the Securities Act of 1933 and don’t qualify for the automatic relief granted by the ETF rule under the Investment Company Act of 1940.
Current Bitcoin ETF Filings
Fund | Issuer | Filing Date | SEC Filing |
Bitwise Bitcoin Strategy ETF | Bitwise | 9/14/21 | |
AdvisorShares Managed Bitcoin ETF | AdvisorShares | 8/20/21 | |
Galaxy Bitcoin Strategy ETF | Galaxy Digital | 8/18/2021 | |
Valkyrie Bitcoin Strategy ETF | Valkyrie Funds | 8/11/2021 | |
Bitcoin Strategy ETF | VanEck | 8/9/2021 | |
ProShares Bitcoin Strategy ETF | ProShares Advisors | 8/4/2021 | |
Invesco Bitcoin Strategy ETF | Invesco Capital Management | 8/4/2021 | |
Global X Bitcoin Trust | Global X Digital Assets | 7/21/2021 | |
ARK 21Shares Bitcoin ETF | 21Shares | 6/28/2021 | |
One River Carbon Neutral Bitcoin Trust | One River Digital Asset Management | 5/24/2021 | |
Teucrium Bitcoin Futures Fund | Teucrium Trading | 5/20/2021 | |
Galaxy Bitcoin ETF | Galaxy Digital Capital Management | 4/12/2021 | |
Kryptoin Bitcoin ETF Trust | Kryptoin Investment Advisors | 4/9/2021 | |
Wise Origin Bitcoin Trust | FD Funds Management | 3/24/2021 | |
First Trust SkyBridge Bitcoin ETF Trust | First Trust Advisors | 3/19/2021 | |
WisdomTree Bitcoin Trust | WisdomTree Digital Commodity Services | 3/11/2021 | |
NYDIG Bitcoin ETF | NYDIG Asset Management | 2/16/2021 | |
Valkyrie Bitcoin Fund | Valkyrie Digital Assets | 1/22/2021 | |
VanEck Bitcoin Trust | VanEck Digital Assets | 12/30/2020 |
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