Crypto News

ProShares Bitcoin ETFs relies on SECs decision This Thursday

It has been quite a while since bitcoin ETF has been a hot property in the crypto space. In another addition to the storyline, ETF provided by two firms, NYSE Arca in conjunction with ProShares, relies on SEC’s verdict slated for this Thursday, August 23.

The two products in subject are ProShares Short Bitcoin ETF and ProShares Bitcoin ETF, and as per SEC’s internal rules, the decision on these two ETF’s cannot be postponed further. Again, the crypto-verse is well aware of the eventual deadline, with the two firms being different from the more anticipated judgment of September 30.

One should know that the decision on VanEck ETF, sponsored by VanEck, CBOE, and SolidX, has been further delayed by the authorities. Thus, it’s now evident that the crypto universe is ready to face either the rejection or approval of the ProShares ETF on the due date.

ProShares deposited a proposal for its ETF to the SEC in December 2017. As per the original documents, bitcoin futures contracts exchanged on CME or the CBOE Futures exchange will determine the value of its ETF. Initially, ProShares made its request for futures-based ETFs to SEC last September but had to wait until the authorities started to accept bitcoin futures contracts in December.

After filing their case on December 19 with the SEC, ProShares appealed the regulatory body to re-think on the probable rule change which would outline the pair of ETFs.  By January, SEC declared that it is considering these ETFs that have escalated hopes of investors especially the ones operating at the institutional level.

It has also been claimed that the newest ETF verdict will not shock the crypto space as experienced in the cases of Winklevoss ETF and the suspension of CBOE backed ETF.

Talking about the chances of ProShares ETF getting approved, the public reaction about CBOE sponsored ETF mentioned on SEC website can play a significant role. The regulators had noted that the individual American investor is hoping for some type of bitcoin ETF which was evident when more than 1,300 comments were documented on their website.

As of now, the website is still accepting comments over CBOE bitcoin ETF. To post your thoughts on the matter plus on VanEck and SolidX sponsored ETF you can choose from the three methods listed below. Note- SR-CboeBZX-2018-040 is the file number for CBOE BTC ETFs.

Online Form

Click on the link

Select SR-CboeBZX-2018-040

Choose the submit comments section

Post a mail

Send 3 copies of your paper comment letter to:

Brent Fields, Secretary

Securities and Exchange Commission

100 F Street, NE

Washington, DC 20549-0609

File number must be enlisted on each copy.

Via Email

Send your views to [email protected]

List the file number on the subject case.

In case of an attached document mention its format. You can also write comments on a PDF. Avoid the usage of GIF, HTML, ZIP, PIF or EXE.

If seen from the perspective of a new investor the decision over ProShares ETF won’t have a great impact; however, it can change the basic outlook towards bitcoin management.

About the author


Gareth Jenkinson

Gareth Jenkinson is a journalist and radio presenter based in Durban, South Africa. When he’s not talking about sport on the airwaves - he’s got his eye on the Cryptocurrency market.

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