PakGazette – US ETP issuer ProShares has taken another decisive step to expand its suite of ETF products. The asset manager has applied to list three new ETF products linked to Bitcoin, with native stock market products as reserves. These filings come amid growing consideration of greater leniency in US SEC approvals next year with a new chairman taking over.
ProShares Bitcoin ETF Filings
According to an update from ETF Store President Nate Geraci, the three ProShares filings include the S&P 500 Bitcoin ETF, the Nasdaq-100 Bitcoin ETF, and the Gold Bitcoin ETF, respectively.
Nate Geraci claims that these products are long the underlying stocks or gold. These would now include a short USD position and a long Bitcoin position using bids. The two-sided model of these new ETFs led to it calling the potential offerings “BTC-hedged ETFs.”
Since Bitcoin and ETF spot products gained approval from the US SEC, there has been no slowdown in the number of filings.
While the number of crypto ETFs like Hedera and ETF products has increased, asset managers are also stepping up how these offerings more closely target traditional financial products.
Geraci rightly observed that “Bitcoin is starting to eat into commerce.”
Year of the acquisition of cryptocurrencies on Wall Street
The timing of the current filing has prompted comments from market experts about how relentless ETF issuers are in pushing for greater reach for the product. Beyond Ethereum’s $5,500 Price Forecast digital galaxy (TSX:), the company also issued a major ETF adoption prediction.
As noted, at least one large asset manager will allocate 2% of its assets under management (AuM) to Bitcoin, underscoring the asset’s potential to go mainstream on Wall Street.
Many traditional companies are already buying Bitcoin through ETFs, complementing the relentless acquisitions of spot buyers like MicroStrategy.
