ProShares Bitcoin Strategy ETF

ProShares Bitcoin Strategy ETF is an exchange-traded fund incorporated in the USA. The ETF seeks capital appreciation. There can be no assurance that the Fund will achieve its investment objective. The Fund does not invest directly in bitcoin. The Fund seeks to provide capital appreciation primarily through actively managed exposure to bitcoin futures contracts.

BITO actively manages a portfolio of front-month CME bitcoin futures.

The ProShares Bitcoin Strategy ETF ($BITO) is the first bitcoin futures ETF to trade on a major U.S. exchange.

Since it's a futures ETF, the fund holds futures contracts for bitcoin assets but does not hold bitcoin itself. Futures-based ETFs can be riskier than traditional ETFs, per the SEC.

Bitcoin ETFs allow investors to invest in the future of this cryptocurrency without investing directly. Proponents of bitcoin ETFs say that this broadens access to bitcoin to larger groups of investors who may not want to invest in bitcoin directly. 

One important consideration is that ETFs often come with management fees, and the approved Bitcoin Strategy ETF is no different, with a listed management fee of 0.95%.

The fact that the first bitcoin ETF is a futures ETF is important. There is a cost associated with “rolling” futures contracts and this means that a bitcoin futures ETF will not perfectly track the spot price of bitcoin.

Individual investors can already invest in bitcoin and as many as 13% of Americans have invested in crypto so far in 2021 according to one University of Chicago study.

In order for an ETF to become available to investors, it must be approved by the Securities and Exchange Commission (SEC) and registered under the Investment Company Act of 1940.

BITO saw about $1 billion of trading volume on its first day of trading, making it the second-most heavily traded ETF debut on record.

More than 24 million shares changed hands during its first trading day, according to data compiled by Bloomberg.

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The ProShares Bitcoin Strategy ETF (BITO) launched today after issuers spent years of effort to get a bitcoin-linked fund approved by the SEC. The fund, which tracks front-month bitcoin futures, is the first of its kind to get the green light by regulators, but likely not the last.

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The ProShares Bitcoin Strategy ETF BITO, +0.99% was trading higher Tuesday morning, but off its opening highs, in its debut on the New York Stock Exchange, marking a milestone for the nascent crypto sector. The ProShares fund is the first ETF that offers exposure to bitcoin BTCUSD, +0.69% , a virtual asset that has only existed since 2009.

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The fund tracks CME bitcoin futures, or contracts speculating on the future price of bitcoin, rather than the crypto itself.

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The launch of the first bitcoin futures exchange traded fund (ETF) on Tuesday marks a major step toward legitimizing the cryptocurrency, but some ETF investors may face higher costs compared with buying the digital currency itself.

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Bitcoin will take another step closer to mainstream investing Tuesday with the launch of a new security Tuesday on the New York Stock Exchange.

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A Bitcoin futures ETF has now been approved by the US Securities and Exchange Commission which will begin trading on Wednesday, marking the latest milestone in the mainstreaming of cryptocurrencies. ProShares got the greenlight to debut a Bitcoin exchange traded fund which is expected to open up indirect investments in Bitcoin for customers that otherwise are unable or unwilling to participate directly on crypto exchanges – including both retail and certain professional investors and fund managers.

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If you're an ETF fan, you've probably been watching the race to the first Bitcoin ETF with interest. If you're a financial advisor, the news likely brings a combination of excitement, relief, opportunity–and  responsibility.

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BETHESDA, Md.--(BUSINESS WIRE)--ProShares plans to launch the first bitcoin-linked ETF in the United States (NYSE Ticker: BITO) on October 19, 2021.

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