ProShares Seeks Waiver From CME for Position Limits on New Bitcoin Futures ETF: Report

Posted on by American Coins & Gold

ProShares Seeks Waiver From CME for Position Limits on New Bitcoin Futures ETF: Report
ProShares, the sponsor of the first-ever exchange-traded fund (ETF) backed by bitcoin futures, has applied for a waiver to limits 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 amount of futures that 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…