U.Today – ProShares Expands Bitcoin ETF Offerings

American ETP issuer ProShares has taken significant steps to broaden its Bitcoin ETF product lineup. The asset manager has filed to list three new Bitcoin-linked ETF products, using stock market native products as reserves. These filings coincide with increasing considerations for more leniency in U.S. SEC approvals next year with a new Chairman incoming.

ProShares Bitcoin ETF Filings

According to ETF Store President Nate Geraci, the three new filings from ProShares include the S&P 500 Bitcoin ETF, the Nasdaq-100 Bitcoin ETF, and the Gold Bitcoin ETF. Geraci mentioned that these products will hold long positions in the underlying stocks or gold while incorporating a short USD and long Bitcoin position via Bitcoin Futures offerings. This innovative approach led him to label these new ETFs as BTC hedged ETFs.

Following the approval of spot Bitcoin and Ethereum ETF products by the U.S. SEC, the momentum for new filings continues to grow. In addition to the rising number of crypto ETFs such as those for Litecoin, Hedera, Solana, and XRP, asset managers are aiming to align these offerings more closely with traditional finance products.

Geraci aptly noted, "Bitcoin is starting to eat tradfi."

Year of Crypto Wall Street Takeover

The timing of these recent filings has sparked discussions among market experts about the relentless pace at which ETF issuers are pursuing broader distribution for their products. Beyond the $5,500 Ethereum price forecast from Galaxy Digital (TSX:GLXY), the firm also made significant predictions regarding ETF adoption.

It is anticipated that at least one major asset manager will allocate 2% of its Assets Under Management (AuM) to Bitcoin, highlighting the potential for the asset to gain mainstream acceptance on Wall Street.

Currently, many traditional firms are investing in Bitcoin through ETFs, alongside aggressive purchases from spot buyers like MicroStrategy.

This article was originally published on U.Today