The first Bitcoin (BTC) futures-linked exchange-traded fund (ETF) to trade on the New York Stock Exchange began trading at a price of $40 per share. Following the news, the price of Bitcoin rose to a five-month high of $63,293.
ProShares’ Bitcoin Strategy ETF, the first exchange-traded fund to give U.S. investors direct exposure to cryptocurrency futures, began at $40 per share of BITO before climbing 3.8 percent to $41.54 at the time of writing, according to the New York Stock Exchange.
The crypto fund’s listing on a major stock market comes after years of delays from the Securities and Exchange Commission, or SEC, the regulatory body in charge of approving the asset.
“BITO will provide exposure to Bitcoin to a large segment of investors who have a brokerage account and are comfortable buying stocks and ETFs but do not want to go through the hassle and learning curve of opening a second account with a cryptocurrency provider and creating a Bitcoin wallet or are concerned that these providers may be unregulated and subject to security risks,” according to ProShares CEO Michael Sapir said on Monday.
On Friday, the SEC approved the registration request for ProShares’ Bitcoin Strategy ETF on the NYSE, shortly after doing the same for shares of digital asset management Valkyrie’s BTC futures ETF for a Nasdaq listing.
Grayscale, institutional asset management, also stated on Monday that its GBTC Trust would be converted into an ETF in the future. Several crypto ETF applications are now being considered by the SEC.
“For institutional investors who want to enter into the cryptocurrency markets, the ProShares ETF will provide better market access and ease of usage,” said Mary Beth Buchanan, global chief legal officer at blockchain investigative platform Merkle Science.
“The new futures-based ETF will trade on the NYSE, giving institutional investors a more familiar experience than creating individual trading accounts and trading directly on a spot or futures-based cryptocurrency exchange or crypto trading platform.”
According to Cointelegraph Markets Pro statistics, the price of Bitcoin climbed 1.2 percent after shares of ProShares’ ETF opened for trade, rising to a five-month high of $63,293.
This is the first time the cryptocurrency has traded above $63,000 since April when it reached an all-time high of $64,863.