It appears that years after the first Bitcoin ETF proposal was filed, the United States Securities and Exchange Commission (SEC) has decided to greenlight a futures-backed exchange-traded fund for the first time.

• ProShares, the company which filed for its Bitcoin Strategy ETF, might be the very first one to see it launch next week.
• It filed an amended prospectus which indicates that it could go live as soon as Monday.
• It’s worth noting that this is not a standard ETF but a futures-backed one where the product is tied to Bitcoin futures contracts and not to Bitcoin itself.
• Still, this is a major milestone for the cryptocurrency industry and one that might have considerable implications in the future.
• Exchange-traded funds provide an easier way to receive exposure to the underlying asset in a regulated and secure manner.
• They are a traditional investment vehicle – one that investors are already perfectly familiar with and represent a very convenient onboarding tool when it comes to receiving Bitcoin exposure.

This story is developing and might be updated in the future.