ProShares bitcoin-linked ETF hit $1 billion in belongings beneath administration in simply two days, a file for the ETF business.
Gold ETF GLD held the earlier file, having crossed the $1 billion mark in three days after it launched in 2004.
A second bitcoin futures ETF is set to launch subsequent week.
The ProShares Bitcoin Strategy ETF ($BITO), the primary bitcoin-linked exchange-traded fund within the U.S., has become the quickest ETF ever to attain the $1 billion mark in belongings beneath administration (AUM).
It took the earlier file holder, the gold ETF GLD, three days to cross by way of the ten digits and $BITO has performed it in solely two. Since going dwell yesterday, the fund has traded over $2 billion in quantity.
BITO went dwell yesterday instead funding automobile for retail and institutional traders thinking about oblique bitcoin publicity. The fund invests in bitcoin futures contracts, relatively than precise BTC, and thus value appreciation of the fund’s shares might not monitor the bitcoin spot market value.
We pioneer news media network covering news and events of the crypto space and the indispensable blockchain technology. It evolved with the aim to cater top-notch, authentic, and compelling stories to crypto enthusiasts.
Guided by the principles of ‘Honesty and Transparency,’ our team works 24/7 to deliver accurate, unprejudiced, and well-analyzed reports to news consumers around the world. We also envision to capture the crypto updates instantly, much before they become mainstream. Our professional ethics guide us to maintain a steadfast approach to all the happenings and corroborate every information through multiple resources.