Sticker: BITO "The SEC allowed an ETF (exchange-traded fund), but not one pegged to the price of Bitcoin, the kind most people wanted. Instead, the agency allowed a Bitcoin futures ETF. What this means is the new fund, which is being packaged by a firm called ProShares, won't give you shares backed by Bitcoin, but shares tied a bundle of contracts to buy Bitcoin in the future." https://decrypt.co/83609/bitcoins-e...eferral&utm_campaign=feed&utm_source=coinbase "The obvious winners of the new Bitcoin futures ETF will be professional traders and their wealthy clients, who are familiar with concepts like "contango" and are good at making money off it. Indeed, shares of the new ProShares ETF are expected to initially trade at a premium to the actual price of Bitcoin as a result of sophisticated investors who plan to arbitrage future price movements." "Other losers of the SEC's decision are the likes of Grayscale and Gemini. These companies are among the oldest in the Bitcoin business and have been asking the SEC to approve their ETF applications for years and years—only to see Gensler decide this summer that a futures ETF was the way to go. This comes as a special sting to Grayscale since the company's core product—shares of a trust backed by Bitcoin that trade on the OTC market—is looking increasingly expensive and irrelevant. The company has long been ready to convert its product into a standard ETF but now must hurry up and wait."