ProShares' bitcoin futures ETF will begin trading next week, according to a revised document filed late Friday.
As of Friday afternoon, the Securities and Exchange Commission had not formally approved the creation of a Bitcoin futures ETF, and the agency may never issue a formal announcement. But ProShares' announcement suggests the SEC is unlikely to block the ETF's listing at this time.
Arca Markets, the New York Stock Exchange, confirmed its listing approval late Friday afternoon, meaning the exchange will allow investors to trade under federal law without SEC interference. ETFs will be allowed to start trading next week unless regulators file any last-minute complaints, according to a person familiar with the SEC's decision.
The ProShares Bitcoin Strategy ETF will provide exposure to Bitcoin futures contracts rather than the spot market under the symbol "BITO".
According to the latest documents, the proposed listing date is next Monday, but that doesn't necessarily mean the ETF will start trading at that time, and possibly later in the week. ProShares declined to comment.
Expectations of a Bitcoin ETF listing over the past week appear to have boosted the cryptocurrency's price. Bitcoin has risen more than 10 percent in the past week, trading at more than $61,000 on Friday afternoon.
Several companies, including Invesco and Valkyrie, have applied to launch similar ETFs, which could follow in ProShares' footsteps in the coming weeks.