The company's bitcoin futures ETF will start trading in the US on Friday, October 22, rivalling ProShares' own launch earlier this week, reports said.
The Dow hit an intraday record on Wednesday, while the S&P 500 climbed for a sixth straight session, approaching record highs.
Cathie Wood is holding off from buying ProShares Bitcoin Strategy ETF, citing tax implications. "We're looking at this very carefully," she added.
Fundstrat raised its S&P 500 year-end target to 4,800, reflecting a 7% upside from current levels.
The ProShares Bitcoin Strategy ETF began trading on the New York Stock Exchange under the ticker symbol "BITO."
Invesco is yet to formally withdraw its ETF filing. But on Monday, it delayed the effective date of its futures-based ETF to October 29.
Crypto assets under management hit a record $72.32 billion in the week to Friday ahead of this week's ETF launch, CoinShares said.
The annualized premium of CME bitcoin futures prices over bitcoin's spot value was 15%, compared to an average of 7.7% in the first 9 months of 2021.
Unlike bitcoin ETFs, SEC Chair Gary Gensler has expressed more openness towards bitcoin futures ETF.
The move highlights growing institutional interest in the cryptocurrency market.
Clients are eager to trade as they find the current price level as a "slightly more palatable entry point," said Goldman's head of digital assets.
The SEC told those considering getting into bitcoin futures to "weigh carefully the potential risks and benefits of the investment."
The price of bitcoin futures shows institutional demand for the cryptocurrency is worryingly weak, JPMorgan strategists said.
Bitcoin picked up on Monday as investors appeared to be drawn in by the sharp price fall.
According to an SEC filing, BlackRock, the world's largest asset manager, has made profits on bitcoin futures contracts this year.
CME Group's micro bitcoin futures will be one-tenth the size of one bitcoin and will start trading on May 3, pending regulatory review.
The US Securities and Exhanges Commission rejected nine bitcoin ETF proposals late on Wednesday. The watchdog cited concerns about possible price manipulation and insufficient market oversight. There is as yet no fully regulated bitcoin ETF product. Bitcoin bulls believe that if one is approved, it will expand the market by […]