ProShares, Bitwise File Application for Bitcoin and Ethereum ETF Futures

ProShares and Bitwise have entered the race for ETFs by submitting applications to the U.S. Securities and Exchange Commission (SEC) for approval of ETF futures focused on Bitcoin and Ethereum.

ProShares, Bitwise File Application for ETF Futures on Bitcoin and Ethereum

Continuing the ETF race, ProShares and Bitwise have filed applications with the U.S. Securities and Exchange Commission (SEC) to establish funds (ETFs) centered around Bitcoin (BTC) and Ethereum (ETH).

According to ProShares' filings, these ETFs will "measure the performance of the long position of Bitcoin and Ethereum futures contracts over the most recent month."

As reported by Coin68, the competition for ETFs among major traditional financial players is reaching its peak.

BTC and ETH futures ETFs have been licensed multiple times by the SEC, exemplified by products from ProShares, Valkyrie, and VanEck in late 2021. Recently, the first U.S. Bitcoin Futures ETF using 2x leverage was also introduced.

However, current attention is focused on Bitcoin Spot ETFs because the SEC has never approved one. The launch of a spot ETF in the market is predicted by experts to be a new growth catalyst, attracting funds from traditional finance.

Bloomberg experts estimate a 65% chance of approval for a Bitcoin Spot ETF. Additionally, readers can view the timeline for approval/rejection of the Bitcoin ETF in the image below:

Timeline for SEC approval/rejection of Bitcoin ETF. Source: Bloomberg