Shares of the ProShares Bitcoin Strategy exchange-traded fund, the first bitcoin-related ETF to trade in the U.S., were rising 3% in their debut on Tuesday on the New York Stock Exchange.
- The fund trades under the symbol BITO and is linked to bitcoin futures that are traded on the Chicago Mercantile Exchange.
- The U.S. Securities and Exchange Commission (SEC) greenlit bitcoin futures ETFs on Friday.
- ProShares filed its application for its Bitcoin Strategy ETF this past summer after SEC chair Gary Gensler made clear his preference for a bitcoin fund linked to the futures market rather than directly to bitcoin itself. Other bitcoin futures ETFs are expected to begin trading soon.
- Anticipation of the fund being approved has driven up the price of bitcoin, with prices climbing above $60,000 for the first time in nearly six months last week. On Tuesday, the price of bitcoin was roughly flat over the past 24 hours at $61,862.