The ProShares Bitcoin Strategy ETF, the first Bitcoin-linked exchange-traded fund in the US, saw strong investor demand on its trading debut, marking a pivotal moment for the crypto industry. The fund, trading under the ticker BITO, rose as much as 5.4 per cent to $42.15 before accumulating gains and turning negative at a point. According to the data compiled by Bloomberg, more than 2 million shares worth roughly $480 million changed hands.
A Bitcoin ETF has been long-anticipated by the investors on Wall Street and the crypto community, many of whom have debated for years that approval by regulators would open up digital currencies to mainstream investors. The ProShares fund is based on futures contracts and was filed under mutual fund rules that SEC Chairman Gary Gensler has said provide ‘significant investor protections.’
“We are really excited to bring BITO, the first Bitcoin-linked ETF, to investors as an important opportunity for them conveniently to invest in Bitcoin in their regular brokerage account,” Simeon Hyman, Global Investment Strategist at ProShares, said. “This is going to allow many people who have been waiting for an easy way to do this and a robust way to do this to now be involved and have it in their portfolios.”
