2 Cryptocurrency ETFs to Consider as the SEC Approves the First Bitcoin ETF
StockNews
Published Oct 21, 2021 03:35PM ET
Updated Oct 21, 2021 04:00PM ET
2 Cryptocurrency ETFs to Consider as the SEC Approves the First Bitcoin ETF
The SEC's approval of the first U.S. bitcoin-linked ETF, ProShares Bitcoin Strategy ETF (BITO), has contributed to a rally in cryptocurrencies. Therefore, we think investors looking to capitalize on the bullish crypto market in a relatively less risky way could bet on cryptocurrency ETFs Amplify Transformational Data Sharing ETF (BLOK) and First Trust Indxx Innovative Transaction & Process ETF (LEGR). So, let’s examine these funds.The U.S. Securities and Exchange Commission’s (SEC) approval of the first U.S. bitcoin-linked ETF, The ProShares Bitcoin Strategy ETF (BITO), on October 19 is a milestone for cryptocurrencies. The step could significantly boost investment flows into digital currencies. BITO had almost $1 billion in turnover on its first trading day.
Furthermore, bitcoin hit an all-time high yesterday, crossing$66,000 following BITCO’s approval. And cryptocurrencies could keep soaring as several countries legalize bitcoin, and investors’ interest in the high-flying digital currencies continues to grow.
While it’s challenging to select the best cryptocurrency, we think investors looking to capitalize on the industry tailwinds in a less risky way could bet on quality cryptocurrency ETFs Amplify Transformational Data Sharing ETF (BLOK) and First Trust Indxx Innovative Transaction & Process ETF (LEGR) to cash in on the favorable crypto trends.
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