In just 20 minutes, 6.4 million shares worth approximately $ 264 million were traded
After years of delays and setbacks, the first bitcoin-linked exchange-traded fund in the United States debuted on Tuesday, a turning point for the crypto industry.
The ProShares Bitcoin Strategy ETF – traded with the symbol BITO, increased by 2.5% to 40.94 dollars, as earlier during trading the growth was 5.4%.
Its launch was a long-awaited event by both the crypto community and Wall Street investors, many of whom have been insisting for years that the launch of the Bitcoin ETF has been delayed. The ProShares fund is based on futures contracts and is subject to mutual fund rules which, according to Gary Gensler, chairman of the US Securities and Exchange Commission, offer “significant investor protection”.
Trading on Tuesday began with heightened interest. In just 20 minutes, 6.4 million shares worth approximately $ 264 million were traded, according to data collected by Bloomberg.
Meanwhile, the price of bitcoin also continues to go up. The appreciation reached 1.2% to 62,548.62 dollars, while the cryptocurrency remains very close to its absolute peak of nearly 65 thousand dollars, reached in April.
“This is an extremely bullish week – there is a really positive mood, especially around the ETF,” said Sam Bankman-Fried, CEO of FTX.
It has long been thought that whoever receives first approval can reap the greatest benefits – including recognition from the industry and attracting large sums of money. Some analysts are already bullish on BITO’s forecasts: the fund could generate more than $ 150 billion in revenue in its first year, given interest, according to Fundstrat Global Advisors co-founder Tom Lee.
Other ETFs for bitcoin futures are waiting for approval. Analysts expect the release of a product from Valkyrie, whose exchange-traded fund Bitcoin Strategy will debut on Wednesday and will be traded with the symbol BTFD.
Market analysts currently have little information to assess the initial acceptance of BITO on the market. The SPDR Gold Shares Fund (GLD) recorded the fastest climb to $ 1 billion in managed assets, reaching the threshold in just three days, according to a report by Bloomberg Intelligence. The VanEck Social Sentiment Fund (BUZZ) recently traded shares for more than $ 400 million – one of the ETF’s best performances on its first trading day.