ProShares Bitcoin Strategy ETF

ProShares Bitcoin Strategy ETF is an exchange-traded fund incorporated in the USA. The ETF seeks capital appreciation. There can be no assurance that the Fund will achieve its investment objective. The Fund does not invest directly in bitcoin. The Fund seeks to provide capital appreciation primarily through actively managed exposure to bitcoin futures contracts.

BITO actively manages a portfolio of front-month CME bitcoin futures.

The ProShares Bitcoin Strategy ETF ($BITO) is the first bitcoin futures ETF to trade on a major U.S. exchange.

Since it's a futures ETF, the fund holds futures contracts for bitcoin assets but does not hold bitcoin itself. Futures-based ETFs can be riskier than traditional ETFs, per the SEC.

Bitcoin ETFs allow investors to invest in the future of this cryptocurrency without investing directly. Proponents of bitcoin ETFs say that this broadens access to bitcoin to larger groups of investors who may not want to invest in bitcoin directly. 

One important consideration is that ETFs often come with management fees, and the approved Bitcoin Strategy ETF is no different, with a listed management fee of 0.95%.

The fact that the first bitcoin ETF is a futures ETF is important. There is a cost associated with “rolling” futures contracts and this means that a bitcoin futures ETF will not perfectly track the spot price of bitcoin.

Individual investors can already invest in bitcoin and as many as 13% of Americans have invested in crypto so far in 2021 according to one University of Chicago study.

In order for an ETF to become available to investors, it must be approved by the Securities and Exchange Commission (SEC) and registered under the Investment Company Act of 1940.

BITO saw about $1 billion of trading volume on its first day of trading, making it the second-most heavily traded ETF debut on record.

More than 24 million shares changed hands during its first trading day, according to data compiled by Bloomberg.

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October 2021 will be long-remembered in the investing world for the launch of bitcoin futures ETFs.

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The ProShares Bitcoin Strategy ETF (BITO) came catapulting into the ETF space last week, breaking records and setting new precedents as crypto interest was directly reflected in the massive grassroots movement behind the bitcoin futures ETF. BITO broke the $1 billion in assets under management threshold in only two days, breaking the old three-day record [.

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ProShares Bitcoin Strategy ETF began trading on 10/19/2021 as the first ETF for cryptocurrency in the United States.

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Recently, I wrote an article in which I was enthusiastic about Bitcoin ETFs, and more specifically BITO.

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The crypto world has been buzzing since the launch of the first U.S. bitcoin futures ETF, the Proshares Bitcoin Strategy ETF (BITO). The price of bitcoin is on a torrid run, up over $60,000 — a far cry from the July low of $35,080.56 and its humble $0.05 July 2010 nadir.

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Ink is spilling about bitcoin replacing gold. The launch of the ProShares Bitcoin Strategy ETF (BITO) on Tuesday and today's debut of the Valkyrie Bitcoin Strategy ETF (BTF) have some investors, such as Social Capital founder Chamath Palihapitiya, eager to declare that gold has been replaced.

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ProShares Bitcoin Strategy ETF (NYSE:BITO) is about to hit the limiter, after racing to US$1bn of assets under management in a matter of days.  The Exchange Trade Fund (ETF) is currently holding 1,900 future contracts for the month of October alone, which becomes problematic as the limit, set by Chicago Mercantile Exchange (CME) is 2,000 for front month future contracts.

ProShares ‘BITO' nearing contracts limit

It is only three days since ProShares Bitcoin Strategy ETF (BITO) was launched and it is already overwhelmed by contracts. Out of the 2,000 futures contracts that the Chicago Mercantile Exchange (CME) permits it to hold, only 100 contracts are left for grabs since 1,900 futures contracts have already been opened.

ProShares Bitcoin Strategy ETF (BITO) fast approaching the max contracts it can hold in the first month

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Cathie Wood, the founder and chief investment officer at Ark Invest, is holding off on investing in the ProShares Bitcoin Strategy ETF (NYSE:BITO), which began trading on Tuesday. What Happened: Speaking at the Milken Institute Global Conference, Wood told Bloomberg that one of the reasons Ark Invest hasn't invested in BITO was “the tax ramifications” of a Bitcoin (CRYPTO: BTC) futures product.

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The bitcoin ETF eclipsed the prior record holder, the SPDR Gold Shares ETF, which hit $1 billion in assets in three days when it launched in 2004.

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The ProShares Bitcoin Strategy (NYSE:BITO) has become the fastest ever ETF to pull in US$1bn of assets under management, smashing a previous record held by Gold ETF which launched in 2004. Like the gold exchange traded fund, BITO was launched amid fevered demand for the asset underlying the packaged investment product (in this case, Bitcoin).

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The recently launched Bitcoin futures ETF makes Bitcoin more accessible and improves its legitimacy. Some people seem to believe that the ETF will be bad for Bitcoin, for example, if more accessible futures reduce remand for the underlying asset.

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To add another notch into the gold versus bitcoin argument for investors, the ProShares Bitcoin Strategy ETF (BITO) has managed to surpass the previous record held for an ETF to hit $1 billion in assets under management in only its second day of trading. BITO has beaten out the previous record holder, the SPDR Gold [.

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Bitcoin investors cheered on Wednesday as the notorious crypto secured a fresh all-time high amid the successful launch of the first U.S. bitcoin futures exchange traded fund. After waiting for years for a bitcoin ETF, the world's largest cryptocurrency rallied over 4% to just shy of $67,000 by noon ET, smashing a prior record of $64,899 [.

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The approval of Bitcoin (CRYPTO: BTC) futures contracts by the United States Securities and Exchange Commission has also created new leverage opportunities through more advanced financial products. What Happened: Now that the ProShares Bitcoin Strategy ETF (NYSE:BITO) is listed on the New York Stock Exchange, triggering a new Bitcoin all-time high, the fund will debut on the NYSE American Options exchanges on Wednesday, according to a Wednesday Bloomberg report.

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The ProShares Bitcoin Strategy ETF is already up more than 8.0% from its debut on Tuesday, and WisdomTree's Jason Guthrie says part of the reason is that it's “universally available”.   Guthrie's remarks on CNBC's ‘Street Signs Europe' On CNBC's “Street Signs Europe”, Guthrie said the first-ever bitcoin futures ETF will be equally exciting for […] The post Pro: both retail investors and institutions will be interested in BITO appeared first on Invezz.

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