News | 08.25.21
Money Managers Race to Launch First U.S. Bitcoin ETF After SEC Signal
Asset managers are vying to create the first U.S. bitcoin exchange-traded fund (ETF) after SEC Chair Gary Gensler signaled a path to approval. In the past two weeks, ProShares, Invesco, VanEck, Valkyrie Digital Assets, and Galaxy Digital have all filed plans for bitcoin futures ETFs. Earlier in August, Gensler indicated that he would be receptive to ETFs that will trade in bitcoin futures rather than cryptocurrency itself as long as they follow stricter rules usually reserved for mutual funds. The SEC has already approved the first U.S. bitcoin-futures-based mutual fund, which started trading last month.
Read the full article on Wall Street Journal.