The first U.S. bitcoin futures exchange-traded fund launched on Tuesday, a milestone for the cryptocurrency industry, and others may soon follow.
The long-awaited ProShares ETF will offer exposure to bitcoin futures contracts — agreements to buy or sell the asset later for an agreed-upon price — rather than bitcoin itself.
“The ETF presents a disruption to what is available in the marketplace today,” said Karan Sood, CEO and managing director of Cboe Vest, a financial advisory platform in McLean, Virginia. “That’s what investors are excited about.”
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