The U.S. Securities and Exchange Commission (SEC) may be allowing the first bitcoin futures exchange-traded fund (ETF) to start trading. ProShares, which filed for its Bitcoin Strategy ETF this summer, is rumoured to be the first to launch.

Cryptocurrency platform Bakkt has completed a merger with VPC Impact Acquisition Holdings, according to an announcement from the Intercontinental Exchange (ICE). The merger will see Bakkt start trading on the New York Stock Exchange as a public company under the ticker “BKKT.”

Video game company, Valve, the developer of the software distribution platform Steam, has updated its guidelines for game developers to block “applications built on blockchain technology that issue or allow exchange of cryptocurrencies or NFTs.”

Sponsored: You’ve probably heard all about Curve Finance, the popular decentralized exchange for stablecoins, but may be put off by having to manage another on-chain wallet. Bybit has simplified the process for users like you, so you can get easy access to DeFi on Bybit.

Top stories in the Crypto Roundup today:

• First Bitcoin Futures ETF Expected to Start Trading This Week
• Crypto Platform Bakkt to Go Public on NYSE After Merger
• Valve’s Steam Platform Rejects Crypto and NFT Games
• Chart of the Week: Bitcoin’s Performance vs. Commodities
• Sponsored: Check Out The Newest Liquidity Mining Pool on Curve Finance

First Bitcoin Futures ETF to Start Trading This Week

The U.S. Securities and Exchange Commission (SEC) may be allowing the first bitcoin futures exchange-traded fund (ETF) to start trading. ProShares, which filed for its Bitcoin Strategy ETF this summer, is rumoured to be the first to launch.

An amendment filed by the company late Friday revealed the company’s ETF is set to start this week on NYSE Arca. The exchange, on Friday afternoon, certified its “approval for listing,” meaning it will allow investors to trade the fund, while a source familiar with the SEC’s decision-making clarified the ETF will be allowed to begin trading.

The SEC has not formally approved the creation of a bitcoin futures ETF and may never make a formal declaration of approval. The ProShares Bitcoin Strategy ETF will give investors exposure to bitcoin futures contracts and not the spot market, and will trade under the ticker “BITO.”

The proposed date for listing is today, October 18, although that doesn’t necessarily mean it will begin trading right away. Companies like Valkyrie and Invesco have applied to launch similar ETFs that could follow ProShares into the market.

Crypto Platform Bakkt to Go Public on NYSE After Merger

Cryptocurrency platform Bakkt has completed a merger with VPC Impact Acquisition Holdings, according to an announcement from the Intercontinental Exchange (ICE). The merger will see Bakkt start trading on the New York Stock Exchange as a public company under the ticker “BKKT.”

The ICE, which is best known for operating the New York Stock Exchange, launched Bakkt in 2018. The firm first announced its plans to go public in January through a merger with a special purpose acquisition company (SPAC). The deal’s valuation totaled about $2.1 billion.

ICE reportedly has a 68% economic interest in the merged company plus a minority voting interest.

Valve’s Rejects Crypto and NFT Games while Epic Games Embraces Them

Video game company Valve, the developer of the software distribution platform Steam, has updated its guidelines for game developers to block “applications built on blockchain technology that issue or allow exchange of cryptocurrencies or NFTs.”

The change was first spotted by the developer of the NFT-based game “Age of Rust,” which was reportedly removed from the popular Steam platform over the rule. The developer believes the move will see “blockchain games as a whole” get removed.

Notably, Epic Games CEO Tim Sweeney said the firm is “open to games that support cryptocurrency or blockchain-based assets” on their app store. While there may be limitations on NFT-based games they are ready to work with developers in the “new field.”

Per Sweeney, the games would “have to comply with financial laws, make it clear how the blockchain is used, and have appropriate age ratings.”

Chart of the Week: Bitcoin’s Performance vs. Commodities

Bitcoin continues to outcompete commodities when it comes to performance, providing investors confidence with its inflationary hedge characteristics.

In October, crude oil reached the highest prices since 2014, at c$83 per barrel, suggesting inflation concerns are still a major headwind for financial markets and the global economy. The movement in Refinitiv's CoreCommodity Index provides the same signal, up 39.4% so far this year.

Gold, which has historically acted as a hedge against inflation, has failed to fill that role, seeing negative returns of 5.6% so far this year. It is on track for its worst annual performance since 2015.

Check out our latest Chart of the Week below to see how the stats line up

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