The NYSE Arca has publicly filed for the listing of two exchange traded funds(ETFs) with the SEC as of December 19th. These are currently pending approval with no timeline of how soon they could be tradable. The ProShares Bitcoin ETF and ProShares Short ETF were originally proposed in September but the proposal did not go through until recently.
The ETFs would be designed so they could track the futures traded by Cboe and the CME Group. This filing is just another example of how big the movement of cryptocurrencies has become in the last several months. Multiple companies have talked about creating ETFs based on cryptos but this is one of the first to make it to the formal approval stage of the SEC.
The NYSE Arca previously tried to list an ETF from the startup SolidX but is was denied by the SEC. They are hoping with the momentum behind cryptos at this time, the new ETF would be pass the SEC and become listed. The mission of the ETFs is “is to seek results (before fees and expenses) that, both for a single day and over time, correspond to the performance of lead month bitcoin futures contracts listed and traded on either [Cboe] or [CME].” If they can effectively prove that is what they are doing, there is no reason that these ETFs won’t pass.