The New York Stock Exchange (NYSE) has released proposals to launch two exchange-traded funds which will track Bitcoin futures. The ProShares ETF and the ProShares Short ETF will allow investors and traders to bet on the performance of cryptocurrency futures contracts on the CME and Cboe markets.

The funds would invest assets in benchmark futures contracts, while also providing the opportunity to invest in contracts outside of the benchmark. However, the funds will never actually own any bitcoins.

If the NYSE futures-tracking ETF launch is successful, it would allow traditional investors an opportunity to get involved, increasing the legitimacy of what is still seen as a volatile and unregulated asset. It may also lead to another rally, as seen in the week preceding the launch of Bitcoin futures, as bitcoin continues to enter mainstream financial markets.

However, before the ETFs can be launched they will need to be approved by the Securities and Exchange Commission (SEC). While past attempts to launch ETF products related to bitcoin have been unsuccessful, due to concerns about regulation and price discovery, the success of the Cboe and CME futures increases the chance that the NYSE bid will be approved