ProShares applies for new Bitcoin-linked ETFs with stock market products as reserves

From Investing.com

December 28, 2024 01:00:20 PM:

ProShares has applied to list three new Bitcoin-linked ETF products, including the S&P 500 Bitcoin ETF, Nasdaq-100 Bitcoin ETF, and Gold Bitcoin ETF with stock market native products as reserves. The filings come as the U.S. SEC considers more leniency in approvals next year under new leadership.

The new ProShares ETF products are long in underlying stocks or gold, featuring a short USD and long Bitcoin position. ETF Store President Nate Geraci refers to them as “BTC hedged ETFs” due to their dual-faced model.

Despite recent SEC approvals for spot Bitcoin and ETF products, filings for crypto ETFs continue to grow, with a focus on targeting traditional finance products more closely. Geraci notes that “Bitcoin is starting to eat tradfi.”

Market experts predict a year of crypto Wall Street takeover, with one major asset manager expected to allocate 2% of its Assets Under Management (AuM) to Bitcoin. Traditional firms are increasingly buying Bitcoin through ETFs, joining spot buyers like MicroStrategy in acquiring the asset.

Read more at Investing.com: ProShares Files for ‘Hedged’ Bitcoin ETF Products: Details By U.Today