Intro
Intro

ProShares’ Milestone Bitcoin ETF Debuts With Record Breaking Volume

The first-ever exchange-traded fund (ETF) backed by bitcoin futures in the United States has been nothing short of sensational. After bringing in almost $600 million of assets on its first day of trading, Bitcoin’s price surged to a six-month high, close to shattering the all-time high which will likely happen on Wednesday. The ETF’s immediate success is a tell of just how eager investors are for bets on the top cryptocurrency. As the icing on the cake, it is expected that a second Bitcoin ETF will start trading by the end of the week.

The ProShares Bitcoin Strategy Fund that launched Tuesday on the New York Stock Exchange under the ticker BITO, had $20 million of seed capital at the start of the day. On the first day it already made headlines as the second-most heavily traded new ETF on record, following $1 billion in trading volume. The fund closed the day at $41.94, up 4.9% from the initial $40 net asset value.

With Bitcoin price changing hands at $64,033.70 at time of writing according to CoinMarketCap data, an all-time high is within grasp and could proceed Valkyrie’s Bitcoin futures ETF that is set to join ProShares’ BITO on the New York Stock Exchange before the end of the week. The Valkyrie fund will list under the ticker BTFD, which is slang for ‘Buy The F**ing Dip

Following this massive milestone for the crypto and financial space, chairman Gary Gensler of U.S. Securities and Exchange Commission (SEC) in an interview pointed why he, and the SEC, prefer ETFs backed by Bitcoin futures versus the spot price of BTC. Gensler said:

“BTC futures have been overseen by the SEC’s sister agency, The Commodities Futures Trading Commission, for the past four years. You have something that’s been overseen for the past four years by a federal regulator and it’s also been wrapped up in the SEC’s jurisdiction through the Investment Company Act of 1940.”

The post ProShares’ Milestone Bitcoin ETF Debuts With Record Breaking Volume appeared first on iGaming.org.

Go to Source
Author: Peter Siu