Cryptocurrency enthusiasts are bracing for the first bitcoin futures exchange-traded fund to begin trading soon.
ProShares will launch its bitcoin futures ETF on the New York Stock Exchange this Tuesday under the ticker symbol "B-I-T-O."
The much-anticipated ETF from ProShares will track futures, meaning investors can speculate on bitcoin's price without having to buy any of the cryptocurrency.
In other words, it offers exposure to bitcoin futures contracts, which are agreements to buy or sell the asset later for an agreed-upon price, rather than direct investments in bitcoin itself.
The added benefit here is that investors can gain exposure to bitcoin returns, through a brokerage account.meaning there is no need to establish an account with a cryptocurrency provider and create a bitcoin wallet.
ProShares CEO Michael Sapir said in a statement that this "will open up exposure to bitcoin to a large segment of investors who have a brokerage account and are comfortable buying stocks and ETFs."
Currently, more ETF providers are hoping to move forward with trading this month, including VanEck and Valkyrie Investment.
If so, this would boost cryptocurrency trading volumes and lead to wider investments in digital assets.
Bitcoin rallied about 40 percent this month ahead of the listing of the first futures-based bitcoin exchange-traded funds in the U.S.
The price of bitcoin on Monday climbed more than 2 percent to 62-thousand U.S. dollars.
Investors are watching to see if bitcoin will hit a new high this week, replacing the current all-time high of 64,800 dollars reached in April.
Min Suk-hyen, Arirang News.