January 7, 20182min918

NYSE files for Bitcoin ETFs

Following the launch of Bitcoin futures by CME and CBOE exchanges in December 2017, we knew Wall Street was itching to get into the Bitcoin trading. We are now barely a week into 2018 and the New York Stock Exchange (NYSE) has already filed for permission to launch a number of Bitcoin-related exchange-traded funds (ETFs).

As revealed by BusinessInsider, a filing sent to the United States Securities and Exchange Commission (SEC) shows that the exchange intends to launch five different ETFs offering ‘bull and bear’ futures contracts on their stock exchange.

These EFTs will be linked to the last price of Bitcoin futures listed on the CME and CBOE exchanges (and others, which may come in the future) on or before 11 a.m. E.T.

The three “Bull Funds” will be 1.25X, 1.5X and 2X, offering 125%, 150% and 200% returns on the given contract.

There will also be two “Bear Funds” available offering 1X and 2X multipliers. Resulting in 100 percent and 200 percent gains or losses.

According to the document sent to the SEC; the funds are not intended to be traded any longer than a day.

This is certainly welcome news. Following Merrill Lynch’s recent decision to deny its financial advisors from offering Bitcoin-related investments to their clients; allegedly due to unacceptable levels of risk involved.

Ironically, Bitcoin has showed surprising stability as of late. That may be a sign or a maturing cryptocurrency market and bodes well its future as the reserve crypto currency.


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