ProShares expands the cryptocurrency ETF market by releasing six ether futures ETFs.

ProShares expands the cryptocurrency ETF market by releasing six ether futures ETFs.

With the launch of six new futures products for ether, investment management company ProShares Advisors has officially entered the ETF market for cryptocurrencies.

Instead of allowing investors to invest directly in ether, the newly launched ETFs, which were made available on Monday, provide exposure to ether through futures contracts.

Ether Strategy ETF (EETH), Bitcoin and Ether Equal Weight Strategy ETF (BETE), and Bitcoin & Ether Market Cap Weight Strategy ETF (BETH) are three of the new ETFs that ProShares Advisors is behind.

These ETFs give the cryptocurrency market regulated exposure by monitoring the performance of ether futures contracts.

Simeon Hyman, the global investment strategist for ProShares, said on CNBC's "ETF Edge" on Monday, "What we know is the futures ETFs are here today and what's important about that is that the regulated futures market resolves a lot of the challenges as the spot market is maturing.".

The U. S. The potential approval of a spot bitcoin ETF is currently being examined by the Securities and Exchange Commission (SEC).

The SEC had sought to block the conversion of the Grayscale Bitcoin Trust (GBTC) into an ETF, but the judge had rejected their request.

Prior to this, the SEC had consistently rejected comparable products in recent years.

The largest bitcoin futures exchange-traded fund, the Bitcoin Strategy ETF (BITO), is managed by ProShares and has grown impressively by over 37% year to date.

We have a complete line of crypto solutions, Hyman said. "We are the largest provider of cryptocurrency ETFs. ".

The BETE and BETH ETFs are logical additions to ProShares' product line because they provide exposure to two of the most well-known cryptocurrencies.

Launch of the EU's First Bitcoin ETF.

The launch of Europe's first spot Bitcoin ETF, which will be listed on the EuroNext Amsterdam Exchange, was announced by London-based Jacobi Asset Management last month.

Due to unfavorable market conditions, the ETF didn't go live for a year after receiving approval from the Guernsey Financial Services Commission (GFSC) in October 2021.

DRW and Jane Street are just two of the authorized participants in the fund, which charges its clients an annual management fee of 1/5 of a percent.

A spike in requests for such products in the US coincides with the introduction of the first Bitcoin ETF in the EU.

Asset management company Blackrock submitted paperwork for a Bitcoin ETF in June, which prompted competitors Invesco and Wisdom Tree to follow suit or resubmit their applications.

Additionally, a bid for a spot Bitcoin ETF was submitted to the SEC by the Chicago Board Options Exchange (CBOE) on behalf of Fidelity.

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