ProShares is set to launch a Bitcoin futures exchange-traded fund (ETF) on the New York Stock Exchange tomorrow, in what would be a first for institutional investors in the United States.

According to a new report from New York Times.

The ETF will provide institutional investors and retail investors with exposure to Bitcoin, who could not legally or otherwise hold the asset, through a brokerage account. It’s worth noting that the SEC won’t officially announce the approval, but because it didn’t object by the deadline, Tuesday’s launch will go ahead, according to the report.

“When we have a Bitcoin ETF in the United States, billions and billions of dollars will flow into Bitcoin that by no means would have found their way into Bitcoin otherwise,” MicroStrategy CEO Michael Saylor said in a statement. September.

Michael Sapir, the CEO of ProShares, agreed that in his view “2021 will be remembered for this important milestone”. Sapir told the New York Times he believes mainstream investors want “convenient access to Bitcoin in a package that has market integrity.”

In anticipation of the news, Bitcoin has maintained a near-record price above $60,000 for the past four days. A Bitcoin ETF approval has been denied and delayed by the SEC for nearly a decade, but it should be noted that the ProShares ETF will not hold Bitcoin directly.

SEC Chairman Gary Gensler previously issued remarks that shed light on how the agency can act on the many exchange-traded fund (ETF) proposals currently under review, noting that contract-based ones Bitcoin futures may have the best chance of approval.

The remarks prompted numerous Bitcoin Futures ETFs to be filed throughout August, including Galaxy Digital, VanEck, and Invesco. Indeed, the launch of a ProShares Bitcoin futures ETF opens the door to spot ETFs such as the one Grayscale intends to deposit.

“This is an exciting step but not the last,” Douglas Yones, head of exchange-traded products at the New York Stock Exchange, told DealBook.

A futures-based ETF may not be the solution that many Bitcoiners would advocate, preferring to hold their coins themselves, but the question is not whether this or that investment vehicle is better. , for many investors, a Bitcoin futures ETF endorsement is the difference between having some Bitcoin exposure and having none.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.