ProShares looked set to be the first bitcoin exchange-traded fund, according to sources and fund specialists.
ProShares looked set to offer the first bitcoin BTCUSD, -1.48% exchange-traded fund, marking a major milestone in the crypto sector as digital assets gain greater mainstream adoption.
Anticipation had been building for a bitcoin futures ETF after SEC Chairman Gary Gensler earlier this year said he supported such a structure, which he argues offers more investor protections than an ETF that is tied directly to physical bitcoin. Some bitcoin professionals have made the case that using futures contracts for an ETF, rather than using bitcoin directly, confers additional costs to the end user, which could be mitigated by using the spot market. Futures are derivatives that are designed to allow investors to gain exposure to a commodity without owning it outright.
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