Crypto Talk with TerenceProShares Bitcoin Strategy ETFBITOWAITOct 22, 2021

SUCCESSFUL DEBUT FOR THE BITCOIN ETF

Successful debut for the Bitcoin ETF The ProShares Bitcoin Strategy "BITO" made its debut on Tuesday on Wall Street (New York Stock Exchange). This Exchange Traded Fund (ETF) allows investors to acquire shares, which can be bought or sold at any time. At the end of the day, the stock had closed up 4.95% at $41.98. The volume of trades was over $1 billion, placing it second overall, behind the BlackRock US Carbon Transition Readiness ETF, with $1.16 billion.

Note that BITO tracks Bitcoin futures contracts instead of Bitcoin itself. There are two reasons for this. The first being that it was easier to clear the ETF with the SEC as actual bitcoin was not involved in the ETF. The second is the ability to reach a wider target audience as they did not want their customer to go through the hassle of creating Bitcoin wallets.

The arrival of this fund has allowed Bitcoin to break its record in recent days, with a new high reached at $67,000, followed by a sharp correction to $60,000 today.