Bitcoin tops $60K, SEC mulls ETF approval
SEC poised to let the first US Bitcoin futures exchange-traded fund begin trading
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Bitcoin topped $60,000 for the first time since April as traders anticipate the Securities and Exchange Commission will approve its first exchange-traded fund giving investors direct access to the largest cryptocurrency by market value.
Earlier this year, Bitcoin topped $64,888 its annual high.
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Bloomberg reported the SEC is prepared to let the first U.S. Bitcoin futures exchange-traded fund begin trading, according to people familiar with the matter. A decision may come as soon as next week.
Bitcoin ETF applications have been piling up at the SEC from the likes of WisdomTree and VanEck.
Bitcoin was trading 2.57% higher on Friday morning, nearing $60,000 per coin (iStock)
Unlike Bitcoin ETF applications that the regulator has previously rejected, the proposals by ProShares and Invesco Ltd. are based on futures contracts and were filed under mutual fund rules that SEC Chairman Gary Gensler has said provide "significant investor protections" the organization reported.
Another Bitcoin "like" ETF recently won approval. The Volt Crypto Industry Revolution and Tech ETF, which offers investors access to companies with significant exposure to the world's largest cryptocurrency, rather than the ability to trade it directly.
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A spokesperson for the SEC declined to comment, as did an official at ProShares.
FOX Business' Jack Durschlag contributed to this report.