Breaking News

NYSE Arca, a unit of the NYSE, seeks to launch a Bitcoin ETF on the stock exchange. Can the SEC release it?


NYSE Arca has proposed a change to the Securities and Exchange Commission to allow two on-line exchange-traded funds (ETFs) related to Bitcoin.

According to a December 19 public record, the company hopes to launch two ETFs - the ProShares Bitcoin ETF and the ProShares Short ETF - which were originally proposed in September this year. According to the documents, NYSE Arca, a unit of ICE, submitted a rule change application on December 4.

According to the paper, the two ETFs will track two recently launched futures contracts - the two Bitcoin futures contracts being launched by CBOE and CME respectively.

The company wrote:


"According to the Application for Listing of Shares Register, the fund's investment objective is to seek out the performance of Bitcoin CBOE or CME delivery on delivery terms for Bitcoin futures, both on a one-day and one-time basis."
This application is noteworthy given the recent developments in financial products related to the cryptocurrency market. Although the SEC has received multiple Crypto-Currency ETF applications in the past few months, the submission by NYSE Arca shows that at least some of these products are entering the agency's formal approval process.
NYSE Arca had previously tried to launch an ETF from start-up SolidX, but in March this year, the SEC denied the proposed change.

Since then, the SEC has rejected Bitcoin ETF filings from Cameron and the brothers Tyler Winklevoss, although in that case the SEC had re-examined its veto on the Bats BZX exchange.