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Breaking: Two New Bitcoin ETFs Submitted For SEC Approval

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etf  Breaking: Two New Bitcoin ETFs Submitted For SEC Approval etf

Two new Bitcoin ETFs (exchange traded funds) have been submitted to the SEC for approval by Proshares Capital Management, according to publicly filed Form S-1 documents. The funds, ProShares Bitcoin ETF and the ProShares Short Bitcoin ETF, both intend to purchase derivative contracts for exposure, rather than actual purchase of Bitcoins.
According to the filing, Proshares hopes to have a maximum offering price of $1 mln aggregate, and a per share price of $25. The document offers strong disclosure language regarding Bitcoin and potential losses, stating:
“An investor should only consider an investment in a Fund if he or she understands the consequences of investing in Bitcoin Futures Contracts, exposure to Bitcoin and, in the case of the Inverse Fund, the consequences of seeking daily inverse investment results.”

Coming back around again
The application represents the first real attempt at a new SEC approval for Bitcoin or Bitcoin derivative type funds after the rejection of the Winklevoss twins’ attempt earlier this year. Some would argue that the SEC position has only grown more stringently anti-Bitcoin, and the attempt is futile.
However, the tide may be shifting with new staff at the SEC, greater levels of public adoption and awareness of Bitcoin, and the announcement by the US Commodity Futures Trading Commission (CFTC) approving LedgerX for commodities trading. A new ETF that is derived from Bitcoin can only help in creating further virtuous Satoshi Cycles.

Source: goo.gl/SFZiMh

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