ProShares, a leading provider of exchange-traded funds (ETFs), recently announced the launch of a new Bitcoin futures ETF. This ETF will allow investors to gain exposure to the Bitcoin futures market without having to purchase the underlying cryptocurrency. The ETF, which is called the ProShares Bitcoin Futures ETF (ticker symbol: BTCF), is the first of its kind and is expected to provide investors with access to the growing Bitcoin futures market.
The launch of this ETF comes after ProShares sold its stake in Grayscale Bitcoin Trust (GBTC) and moved from ARK Investment Management’s ARK Innovation ETF (ARKK). ProShares believes that the Bitcoin futures market offers more liquidity than the spot market, and that the new ETF will provide investors with more options for investing in Bitcoin.
The ProShares Bitcoin Futures ETF will track the CME CF Bitcoin Reference Rate, which is an index that tracks the performance of Bitcoin futures contracts traded on the Chicago Mercantile Exchange. The ETF will also include a fee of 0.95%, which is lower than the 1.5% fee charged by Grayscale’s GBTC.
The launch of this ETF is an important milestone for the cryptocurrency industry, as it provides investors with a way to gain exposure to the Bitcoin futures market without having to purchase the underlying cryptocurrency. This could open up the market to a wider range of investors, including those who may not have been comfortable investing in cryptocurrencies before.
In addition to providing investors with access to the Bitcoin futures market, ProShares believes that this ETF will also provide investors with greater diversification. By investing in a basket of Bitcoin futures contracts, investors can spread their risk across multiple markets and reduce their exposure to any single market.
Overall, the launch of ProShares’ Bitcoin Futures ETF is an important step forward for the cryptocurrency industry. It provides investors with access to the growing Bitcoin futures market and offers them greater diversification. With this ETF, ProShares is helping to make investing in cryptocurrencies more accessible to a wider range of investors.
