Bitcoin ETF Hype Drives ProShares AUM Above $1B
Following BlackRock’s bid for a Bitcoin ETF, ProShares ETF AUM surged to $1.04 billion, a $218 million increase from June 15’s $822 million.
In 2021, ProShares and Valkyrie Investments received SEC approval for ETFs backed by Chicago Mercantile Exchange Bitcoin futures, yet all attempts to create spot ETFs backed by digital gold have been denied.
Based on CoinShares tracking, $334 million of funds have been poured into cryptocurrency investment funds in the last two weeks. ARK Invest and 21Shares are ahead of BlackRock and others in the application race, as submitted earlier.
Subsequently, the companies submitted updated proposals to the SEC, however the Wall Street Journal reported that the commission replied days later with insufficient information concerning the joint monitoring agreement mechanism.
Analysts at Bernstein believe it won’t be long until the SEC change their negative stance on creating spot ETFs based on the first cryptocurrency, and Jeremy Allaire, CEO of Circle stated the new wave of applications for financial instruments of digital gold-based spot exchange-traded funds will be granted approval.
