ProShares launching Bitcoin ETF linked to futures market
Illustration: Aïda Amer/Axios
ProShares will debut Tuesday on the New York Stock Exchange an exchange-traded fund linked to bitcoin futures that trade on the Chicago Mercantile Exchange, according to the New York Times.
Why it matters: While it's not a true "Bitcoin ETF," with direct holdings of the digital token, ProShares' fund could be a first step in the SEC finally approving one after years of passing on or delaying all proposals.
The bottom line: "Bitcoin's true price isn't easy to quote, [ProShares CEO Michael] Sapir said. There's no single, reliable market reference and prices vary up to 5 percent from one crypto exchange to another. Many analysts believe that futures prices on the Chicago exchange are the most accurate reflection of Bitcoin market sentiment." — NYTimes Dealbook.