Bitcoin ETF hype pushes ProShares AUM back above $1B


Triggered by BlackRock’s Bitcoin ETF filing, digital gold rally helped boost AUM exchange-traded fund from ProShares to $1.04 billion.

For comparison, before the news on June 15, the figure was $822 million.

In 2021 SEC approved ProShares and Valkyrie Investments products based on Chicago Mercantile Exchange bitcoin futures. To date, the Commission has rejected all applications for spot ETFs based on digital gold.

According to CoinShares, over the past two weeks, the inflow of funds into cryptocurrency investment funds reached $334 million.

Recall that in the list of applications in the SEC, ARK Invest c 21Shares have priority over BlackRock and the rest based on the time of their submission. VanEck, Fidelity Investments, WisdomTree and Invesco entered the ETF race.

On June 30, sources told the WSJ that the Commission had returned the applications because they did not contain sufficient information regarding the so-called joint monitoring agreement or the details of this mechanism. The latter has been a key addition to BlackRock’s bid.

Subsequently, the companies listed above promptly sent updated proposals to the department.

According to analysts at Bernstein, the regulator will not be able to maintain its negative stance on spot ETFs based on the first cryptocurrency for long. Circle CEO Jeremy Allair predicted that the recent wave of applications for the launch of digital gold-based spot exchange-traded funds will lead to approval from the SEC.

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