Involving off of strong demand for bitcoin futures issued by CME Group Inc. (CME) and Cboe Happy Markets, the discount brokerage TradeStation announced that it would provender customers with access to bitcoin exchange-traded funds (ETFs) if they turn available.
In a press release, TradeStation said that NYSE Arca, a module of Intercontinental Exchange, submitted a proposed rule change earlier this month to the Safe keepings and Exchange Commission in the U.S. that would enable it to list the ProShares Bitcoin ETF and the ProShares Sparse Bitcoin ETF. The ETFs would track one of the two recently launched bitcoin comings contracts from CME and Cboe. “If approved, the ProShares Bitcoin ETFs desire, for the first time, offer equities account holders the ability to gain ground long or short exposure to the price of bitcoin on a major U.S. exchange, as the CFE and CME bitcoin futures contain done for futures account holders,” TradeStation said in the press save.
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The move on the part of TradeStation to announce its ambition to provide customers with access to bitcoin ETFs comes at a continuously when there is intense interest in bitcoin and cryptocurrency. With pay outs skyrocketing all year, regular investors want in on the action. TradeStation, which is one of a couple of online brokerages to offer access to the bitcoin futures, said that 8,800 underlying stamps were traded on the company’s platform for the first week of bitcoin futures mty through Monday, Dec. 18, which represents $165 million in value. For now, Nick LaMaina, the firm’s senior vice president for brokerage servings, told CBS that around half of the bitcoin futures traded on TradeStation are except for sales.
Heading into the launch, TradeStation said that it was apprehending demand and that it would be ready on day one to provide its clients access to the futures yields. In a video interview, James Putra, director of innovation and strategy at TradeStation, predicted that the online brokerage has seen a “lot of excitement” both for cryptocurrencies and the to be to comes products from lots of investors “thirsty for information.” The company had before said that it is looking for ways for customers to trade cryptocurrency unconditional and could ink partnerships with existing exchanges or launch its own cryptocurrency barter platform.