ProShares Bitcoin Futures ETF ‘BITO’ Rises in Debut
The long-awaited investment vehicle opened trading on the New York Stock Exchange.
Oct 19, 2021 at 6:08 p.m. UTC:format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/LRVGPBY3WJDFLJ3OPZJ3SP5DJM.jpg)
Nelson Wang is CoinDesk's news editor for the East Coast. He holds BTC and ETH above CoinDesk's disclosure threshold of $1,000.
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.
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Nelson Wang is CoinDesk's news editor for the East Coast. He holds BTC and ETH above CoinDesk's disclosure threshold of $1,000.
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Nelson Wang is CoinDesk's news editor for the East Coast. He holds BTC and ETH above CoinDesk's disclosure threshold of $1,000.
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