Crypto

ProShares Files With SEC to Launch Metaverse ETF

Things to Know as ProShares Looks to Launch a Metaverse ETF

ProShares Files with the Securities and Exchange Commission to Launch a Metaverse ETF.

ProShares has moved its focus to the Metaverse after creating the first BTC futures-backed ETF in the United States.

The Metaverse is attracting the attention of the first American company to launch a futures-backed Bitcoin Exchange-Traded Fund in the United States of America. The ETF will track the performance of the Solactive Metaverse Theme Index if it is approved by the Securities and Exchange Commission (SOMETAV).

The Exchange-Traded Fund is known as The ProShares Metaverse Theme ETF, according to a recent filing with the US Securities and Exchange Commission (SEC).

If the instrument is approved by the American financial regulator, SEC, it will be based on the SOMETAV index. It consists of businesses that provide services in the Metaverse or use this technology.

Apple, Nvidia, and Meta, the largest social network, are all prominent instances of such companies (formerly known as Facebook).

ProShares is the latest company to try to cash in on the burgeoning Metaverse market. Grayscale Investments, the world’s largest digital asset management firm, has forecasted that the industry would eventually be worth over $1 trillion.

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Furthermore, according to Haim Israel, a strategist at Bank of America, the Metaverse has the potential to propel the cryptocurrency sector to new heights. He went on to say that it might lead to the widespread adoption of online assets in financial transactions.

The Metaverse universe, according to Todd Rosenbluth, director of ETF and Mutual Fund Research at CFRA, will continue to evolve:
“I’m not sure if the Metaverse concept has legs, but investors do.” Given the ETF META’s performance, we should expect to see more products that take a different approach to this long-term theme.”

The launch of the first futures BTC Strategy ETF in the United States was ProShares’ most significant achievement this year. At the end of October, the financial instrument began trading on the New York Stock Exchange under the ticker BITO.

The Author

Oladotun Olayemi

Dotun is a financial enthusiast who specializes in first-in-class financial content, including crypto, blockchain, market, and business, to educate and inform readers.