BITO: Bitcoin ETF Increases In Market Debut

By Amit Chowdhry ● Oct 19, 2021
  • The ProShares Bitcoin Strategy ETF (NYSEAMERICAN: BITO) increased by over 4.8% in its market debut. These are the details.

The ProShares Bitcoin Strategy ETF (NYSEAMERICAN: BITO) increased by over 4.8% in its market debut. This fund tracks CME bitcoin futures, the contracts that are speculating the future price of Bitcoin rather than the daily fluctuations. So the ETF does not necessarily 

“Trading volumes are exceptional,” said Roundhill Investments CEO Will Hershey in a statement to CNBC. “BITO has traded in excess of $700 million notional. That puts its first day well ahead of retail ETF favorites like BUZZ and ARKX when compared to their respective launch days earlier this year.”

ProShares is known as the eighth largest ETF provider based on assets. And the company is known for offering funds that use leverage for tracking moves in indexes at a multiple.

The crypto industry has been pushing for a bitcoin-related ETF over the last few years. Several asset managers started applying for launching bitcoin ETFs a few years ago, but the proposals were rejected by the Securities and Exchange Commission due to concerns about market resistance to manipulation.

The ProShares Bitcoin Strategy ETF had opened at $40 per share and it closed at $41.94 today.

Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.