The ProShares Bitcoin ETF becomes the second-most heavily traded fund with BITO surging 5% on debut and registering a record turnover of $1 billion on Day 1.
On Tuesday, October 19, the Proshares Bitcoin Strategy ETF successfully managed to debut on the New York Stock Exchange (NYSE) trading under the ticker symbol BITO. The first day of trading saw recording trading volumes for BITO.
As per the Bloomberg report, the ProShares Bitcoin ETF debuted as the second-most heavily traded fund. Shares of BITO surged 5% on NYSE on the debut day giving a closing at $41.94 levels. Furthermore, as per data compiled by Bloomberg, 24 million shares changed hands on Tuesday with a turnover of USD 1 billion.
Starting Wednesday, options for BITO will also start trading on the NYSE Arca Options and NYSE American Options exchanges. Speaking to Bloomberg TV, Simeon Hyman, global investment strategist at ProShares, said:
“We are really excited to bring BITO, the first Bitcoin-linked ETF, to investors as an important opportunity for them conveniently to invest in Bitcoin in their regular brokerage account. This is going to allow many people who have been waiting for an easy way to do this and a robust way to do this to now be involved and have it in their portfolios.”
The launch of ProShares Bitcoin ETF is a big milestone for the crypto industry. Besides, investors have been eagerly waiting for the arrival of the first Bitcoin ETF for a long. Some analysts are also bullish on BITO’s future prospects. As per Bitcoin bull Tom Lee, the ProShares Bitcoin ETF can attract $50 billion inflows during the first year.
Bitcoin Stocks Pop after ProShares Bitcoin Futures ETF Debut
The launch of ProShares Bitcoin Strategy ETF (BITO) provided major fuel for several Bitcoin-linked stocks trading on Wall Street. Coinbase Global Inc (NASDAQ: COIN) stock gained 4.19% on Tuesday giving a closing above $300 for the first time since May 2021. On the other hand, shares of Marathon digital Holdings (NASDAQ: MARA) also closed 4.785 up at $53.91 levels on Tuesday.
The price of Bitcoin (BTC) also surged 3% further moving past $64,000 levels. furthermore, the world’s largest crypto also registered the highest-ever daily candle close in history.
#bitcoin highest daily candle close in history!!! pic.twitter.com/8aRSBLT1uY
— Lark Davis (@TheCryptoLark) October 20, 2021
It looks as if the optimism surrounding bitcoin ETF won’t be dying anytime soon. There are some other applications of futures-based Bitcoin ETF in the waiting. Analysts are expecting the Valkyrie Bitcoin Strategy ETF to debut later today on Wednesday, with the ticker symbol of BTFD.
Since the beginning of Q4, October 2021, the BTC price has already gained 45% over the Bitcoin ETF optimism. Many analysts have been expecting the BTC price to rally all the way up to $100,000 by the end of this year.
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
