So it happened, ProShares futures-based bitcoin ETF has been approved and will begin trading under the ticker BITO on Tuesday. The recent weeks have seen growing anticipations running towards these critical days. Three weeks ago, we published a blog post providing our sats on how this period could unfold in the market while also commenting on the difference between the spot-based and futures-based ETFs.
The registration statement issued by ProShares included an interesting nuance. The ETF originally intended to invest in both futures and other bitcoin investment vehicles such as the Canadian ETFs. However, there was no mention of these vehicles in the final registration statement, meaning that BITO will strictly involve futures.