ProShares First Bitcoin ETF Starts Trading In The US

ProShares First Bitcoin ETF Starts Trading In The US

  • First bitcoin ETF in the U.S. has gone live in the NYSE under the ticker BITO.
  • The ProShares Bitcoin Strategy ETF invests in bitcoin futures instead of holding actual spot BTC.
  • A second bitcoin futures ETF is set to start trading this week.

The ProShares Bitcoin Strategy ETF has started trading in the New York Stock Exchange (NYSE) Tuesday morning under the ticker symbol “BITO.” The exchange-traded fund, the first in the U.S. to invest in futures contracts of bitcoin, has traded $250 million worth of shares in the first 15 minutes after going live.

BITO does not hold actual BTC, but invests in derivatives based on the cryptocurrency instead. The approval of a futures-based bitcoin ETF by the Securities and Exchange Commission (SEC) was made possible after the commission’s chairman Gary Gensler said in September that such offerings would have the highest chance of approval compared to spot bitcoin ETFs.

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