Bitcoin ETF Rises 4.7% In First Day Of Trading As Bitcoin Prices Approach All-Time Highs



On the back of the first day of trading for ProShares Bitcoin Strategy ETF, the first-ever bitcoin futures exchange-traded fund, the price of bitcoin surged to $64,145 as of 4 p.m., just shy of its previous high price of $64,899 achieved in April, while the ETF rose 4.72% during trading Tuesday.

Tuesday marked the trading debut of the first bitcoin futures ETF. (Photo Illustration by Avishek … [+] Das/SOPA Images/LightRocket via Getty Images)

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SOPA Images/LightRocket via Getty Images

Key Facts

The ProShares Bitcoin Strategy ETF was a hit among investors during its trading debut, as “more than 20 million shares changed hands by around 2:54 p.m. in New York,” per Bloomberg.

The ETF trades on the New York Stock Exchange under the ticker BITO.

The price of bitcoin has been on a rapid upward trajectory this month, rising almost 50% from its September close of below $44,000.

Key Background

The idea of a bitcoin ETF is not new. Between 2013 and 2018, Cameron and Tyler Winklevoss petitioned the SEC twice to list a Bitcoin ETF, though the twins most famous for being embroiled in a Facebook founding controversy were rejected both times.   

Crucial Quote

Anthony Bertolino, vice president at cryptocurrency investing firm iTrustCapital, told CNBC, “The launch of the first bitcoin-linked ETF in the U.S. will bolster the broader crypto market and help an entirely new investor class experience the benefits of BTC as a legitimate asset.” 

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Further Reading

Revenge Of The Winklevii (Forbes)

Why You’re Probably Better Off Buying Bitcoin Than a Futures ETF (Bloomberg)

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Author: Derek Saul, Forbes Staff

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