The Proshares Bitcoin Strategy ETF debuted on the New York Stock Exchange (NYSE) amid massive fanfare on Tuesday. This Bitcoin ETF offers exposure to the world’s largest crypto through Bitcoin futures contracts instead of owning it outrightly. The Proshares Bitcoin Strategy ETF is trading on NYSE under the ticker symbol of BITO. On debut, the BITO shares on NYSE skyrocketed by 5 percent, giving a closing at $41.94 levels on Tuesday.
ProShares Bitcoin ETF is the second most heavily traded fund in the history of the market.
As per data on Bloomberg, the ProShares Bitcoin ETF is the second most heavily traded fund in the history of the market. With a turnover of $1 billion on debut, BITO’s debut ranks only behind the BlackRock US Carbon Transition Readiness ETF. A bitcoin ETF has been long-awaited by the crypto community as well as the Wall Street investors. At the time of writing, the leading cryptocurrency in terms of market capitalization, bitcoin, is trading at just above $64,000.
Analysts have been ultra-bullish on BITO’s prospects.
Speaking to Bloomberg TV, Simeon Hyman, global investment strategist at ProShares, said, “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. 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.”
Some analysts have been ultra-bullish on BITO’s prospects. Bitcoin bull Tom Lee, the co-founder of Fundstrat Global Advisors, said this ProShares futures-based Bitcoin ETF could attract more than $50 billion in inflows during the first year.