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ProShares Bitcoin Futures ETF ‘BITO’ Rises in Debut
The long-awaited investment vehicle opened trading on the New York Stock Exchange.
Shares of the ProShares Bitcoin Strategy exchange-traded fund, the first bitcoin futures-related ETF to trade in the U.S., initially rose 3% when trading began and were lately up 1.6% to $40.63 in their debut on Tuesday on the New York Stock Exchange.
- The fund trades under the symbol BITO and is linked to bitcoin futures that are traded on the Chicago Mercantile Exchange.
- The U.S. Securities and Exchange Commission (SEC) greenlit the bitcoin futures ETF on Friday.
- ProShares filed its application for its Bitcoin Strategy ETF this past summer after SEC Chair Gary Gensler made clear his preference for a bitcoin fund linked to the futures market rather than directly to bitcoin itself. Other bitcoin futures ETFs are expected to be approved and begin trading soon.
- Anticipation of the ProShares fund being approved has driven up the price of bitcoin, with prices climbing above $60,000 for the first time in nearly six months last week. On Tuesday, the price of bitcoin was roughly flat over the past 24 hours at $61,862.
STORY CONTINUES BELOW
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Nelson Wang
Nelson edits features and opinion stories and was previously CoinDesk’s U.S. News Editor for the East Coast. He has also been an editor at Unchained and DL News, and prior to working at CoinDesk, he was the technology stocks editor and consumer stocks editor at TheStreet. He has also held editing positions at Yahoo.com and Condé Nast Portfolio’s website, and was the content director for aMedia, an Asian American media company. Nelson grew up on Long Island, New York and went to Harvard College, earning a degree in Social Studies. He holds BTC, ETH and SOL above CoinDesk’s disclosure threshold of $1,000.
