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NYSE Arca Seeks SEC Rule Change for Bitcoin ETF Listing

NYSE Arca Seeks SEC Rule Change for Bitcoin ETF Listing

NYSE Arca looks set to be the latest major equities market to deal with bitcoin with the exchange filing two applications with the Securities and Exchange for approval to host bitcoin-related exchange-traded funds.

Already, REX has refiled for two ETFs, namely REX Bitcoin Strategy ETF and REX Short Bitcoin Strategy ETF with the Securities and Exchange Commission (SEC) while VanEck has re-applied for the VanEck Vectors Bitcoin Strategy ETF.

An ETF is a marketable security that tracks an index, a commodity, bonds or a basket of assets like an index fund.

$35 million in trades occurred with CME launched its Bitcoin futures exchange, with over 370 contracts processed. The arrival of the Bitcoin futures products by the CME and CBOE group is a testimony to the fact that financial institutions have seriously started considering Bitcoin as a mainstream digital currency.

On the other hand, GraniteShares plans to launch GraniteShares Bitcoin ETF and the GraniteShares Short Bitcoin ETF, which will both invest in front-month bitcoin futures.

It seems investors' interest in the cryptocurrency bitcoin is unlikely to subside soon. Bitcoin futures make the Bitcoin market available to a large portion of investors that couldn't access the global Bitcoin market before, including retail traders, institutional investors, investment banks, and hedge funds. The introduction of futures contracts, and the corresponding increase in liquidity it promises, is expected to smooth out the volatility. "When the price of Bitcoin Futures Contracts held by the Fund declines, the Fund will lose value". While Cboe processed more contracts that CME, a CME contract is worth more Bitcoins than a Cboe contract (a CME contract equals 5 Bitcoin whereas a Cboe contract only equals 1 Bitcoin). "Beyond that, we don't have any calls on where it will go from here".

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