The first American company to launch a Bitcoin exchange-traded fund backed by futures contracts in the United States turned to the Metaverse space. If approved by the SEC, the ETF will track the performance of the Solactive Metaverse Thematic Index (SOMETAV).
- According to a recent filing with the United States Securities and Exchange Commission (SEC), the exchange-traded fund is called The ProShares Metaverse Theme ETF.
- Assuming the US financial regulator gives the green light to the product, it will be based on the SOMETAV index. It is made up of companies providing services around the metaverse or employing this type of technology.
- Prominent examples of such companies are the tech giant – Apple, the GPU maker – Nvidia, and the main social platform – Meta (formerly Facebook).
- ProShares is the last entity seeking to leap into emerging metaverse space. Not too long ago, the world’s largest digital asset management company – Grayscale Investments – predicted that the industry would soon be valued at over $ 1,000 billion.
- Additionally, Haim Israel – a strategist at Bank of America – believes the Metaverse could take the cryptocurrency industry to another level. He added that this could cause digital assets to begin to be widely used for financial transactions.
- Todd Rosenbluth, director of ETF and mutual fund research at CFRA, also expects the Metaverse universe to continue to evolve:
“I don’t know if the Metaverse theme has legs, but investors believe it. Given the success of the META ETF, we will likely see more products coming to market that offer a unique spin on this theme for the long term.
- The most significant success of ProShares this year is the launch of the first Bitcoin Futures Strategy ETF in the United States. The financial product, under the ticker BITO, began trading on the New York Stock Exchange in late October.
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