Skip to main content

Bitcoin Holds Above $60,000 Ahead of First U.S. Bitcoin ETF Launch

Bitcoin hovers near six-month highs ahead of the listing of the first futures-based bitcoin ETF, which investors hope will boost trading volume -- and legitimacy.

Bitcoin hovered near six-month highs on Monday, holding above the $60,000 mark, ahead of the listing of the first futures-based bitcoin exchange-traded fund in the U.S., which investors hope will both boost trading volume and offer further legitimacy to the world’s biggest digital currency by market cap.

At least check, Bitcoin traded at $61,580.50, up 0.65% after cutting across the $60,000 threshold on Friday. The digital coin dipped below $60,000 over the weekend before recovering late Sunday. Ether, the world’s second-biggest digital currency, was down 2.14% at $3789.60, while XRP was down 4.09% at $1.09.

Bitcoin surged last week following reports that the U.S. Securities and Exchange Commission is set to give the green light to somer of the 40 bitcoin and cryptocurrency-focused ETF applications it currently has under review, clearing the way for at least some of them to begin trading in the U.S.

On Monday, ProShares officially announced plans to launch the first bitcoin-linked ETF in the U.S. on Tuesday. The ETF will trade on the New York Stock Exchange under the symbol BITO.

5 ETFs That Benefited From Bitcoin's Rise to $50,000

The SEC does not need to take any formal action to approve the filings. Under federal law, applications can become effective if the SEC allows a mandated deadline to pass by without requesting changes or directing the aspiring issuer to pull the filing.

If the SEC does not object, the ProShares Bitcoin Strategy ETF will complete a 75-day period since the fund manager filed plans and could begin trading on Tuesday. 

Other fund managers who reportedly have applied to launch bitcoin ETFs in the U.S. including VanEck Bitcoin Trust, Invesco, Valkyrie and Galaxy Digital Funds could find themselves in similar position in the coming days and weeks, leading to additional ETF launches and in turn wider retail and institutional investment in digital assets.

The Nasdaq on Friday approved the listing of the Valkyrie Bitcoin Strategy ETF. Grayscale, the world's largest digital currency manager, is planning to convert its flagship product, the Grayscale Bitcoin Trust into a spot bitcoin ETF, according to reports.