Did the SEC approve bitcoin ETFs?

An ETF of Bitcoin futures already exists, after all. Yesterday, a hack of the SEC’s Twitter / X account briefly and falsely claimed the SEC had approved Bitcoin ETFs, leading to some confusion. 11 spot Bitcoin ETFs have been approved by the SEC, setting the stage for institutional investors to take the plunge into cryptocurrency.

What is a bitcoin futures ETF?

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.

Is Bito a bitcoin ETF?

BITO is the first SEC-approved bitcoin ETF, largely because the fund is based on futures contracts that are traded on the regulated Chicago Mercantile Exchange (CME). A futures contract is a legal agreement to buy or sell a particular asset at a predetermined price at a specified time in the future.