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ProShares Seeks Waiver From CME for Position Limits on New Bitcoin Futures ETF: Report
If CME doesn’t yield, ProShares’ options include shifting assets into later-dated contracts or potentially investing in crypto-related equities.
ProShares, the sponsor of the first-ever exchange-traded fund (ETF) backed by bitcoin futures, has applied for a waiver to limit the amount of bitcoin futures a buyer can purchase in the new fund, Barron’s reported.
- Starting with the November front-month contract, the Chicago Mercantile Exchange (CME) will limit the number of futures a buyer can buy in the new ETF to 4,000, dropping to 2,000 three days before expiration. As each contract represents five bitcoin, total ownership is limited to 20,000 bitcoin.
- To get around this limit, ProShares has already split its futures portfolio, with half in October and half in November.
- CEO Michael Sapir told Barron’s that if the CME doesn’t grant the waiver, ProShares could shift assets into later-dated contracts, structured notes or swaps. Barron’s also noted that ProShares’ prospectus for the ETF says the fund could also invest in equities with crypto exposure.
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Kevin Reynolds
Kevin Reynolds was the editor-in-chief at CoinDesk. Prior to joining the company in mid-2020, Reynolds spent 23 years at Bloomberg, where he won two CEO awards for moving the needle for the entire company and established himself as one of the world's leading experts in real-time financial news. In addition to having done almost every job in the newsroom, Reynolds built, scaled and ran products for every asset class, including First Word, a 250-person global news/analysis service for professional clients, as well as Bloomberg's Speed Desk and the training program that all Bloomberg News hires worldwide are required to take. He also turned around several other operations, including the company's flash headlines desk and was instrumental in the turnaround of Bloomberg's BGOV unit. He shares a patent for a content management system he helped design, is a Certified Scrum Master, and a veteran of the U.S. Marine Corps. He owns bitcoin, ether, polygon and solana.
