Bitcoin Strategy ETF Offered by ProShares Broke 18-Year Record for Growth Rate to $ 1 Billion Among ETFs
Assets under the management of the exchange-traded fund Bitcoin Strategy ETF (ticker BITO) of the ProShares company exceeded $ 1 billion in two days, said Eric Balchunas, senior analyst at Bloomberg ETF. According to him, the fund broke the record for the growth rate to $ 1 billion, which was held for 18 years. Until today, the leadership belonged to the "gold" exchange-traded fund (ticker GLD) – it managed to reach $ 1 billion in three days in 2004.
“If BITO maintains this rate of inflow, it will not have any futures to buy by the end of the month due to limited positions,” Balchunas said.
The Bitcoin Strategy ETF is the first U.S. exchange-traded fund based on bitcoin futures from the Chicago Mercantile Exchange (CME Group) and approved by the Securities and Exchange Commission (SEC). Trading in the Bitcoin Strategy ETF started on October 19 on the New York Stock Exchange (NYSE).
On October 20, the bitcoin price updated its historical maximum above $ 67 thousand. At 9:30 Moscow time on October 21, the asset is trading at $ 64.4 thousand. Its capitalization is $ 1.22 trillion, according to CoinGecko. During the day, the cryptocurrency has risen in price by 2%.