The world’s largest cryptocurrency Bitcoin (BTC) gave a record closing on Tuesday, October 19, after the ProShares Bitcoin ETF went live for trading on NYSE. As per the chart shared by crypto analyst Lark Davis, Bitcoin closed at around $64,200 on Tuesday.
— Lark Davis (@TheCryptoLark) October 20, 2021
ProShares became the first company to launch the first Bitcoin ETF in the U.S. markets trading under the ticker symbol of BITO on the NYSE Arca Exchange.
The ProShares Bitcoin ETF (BITO) allows users to get exposure to BTC in a regulated environment without needing an account of a crypto exchange or a crypto wallet. Trading BITO on NYSE will be similar to trading other stocks in the market. Speaking of the development, ProShares CEO Michael L. Sapir said:
“We believe a multitude of investors have been eagerly awaiting the launch of a bitcoin-linked ETF after years of efforts to launch one. BITO will continue the legacy of ETFs that provide investors convenient, liquid access to an asset class”.
BITO Trading Volumes Top $1 Billion on the First Day
As per the Bloomberg data, the ProShares Bitcoin Strategy ETF (BITO) recorded $1 billion in trading turnover on Day 1. More than 24 million shares of BITO traded on the debut on Tuesday. Besides, shares of BITO surged 4.8% on Tuesday to close at $41.94.
This has reportedly been the second-biggest debut for any ETF fund in the market. Speaking to CNBC, Will Hershey, CEO of Roundhill Investments, said:
“Trading volumes are exceptional. BITO has traded in excess of $700 million notional. That puts its first day well ahead of retail ETF favorites like BUZZ and ARKX when compared to their respective launch days earlier this year.”
While it has taken a long time for the U.S. SEC to approve the first Bitcoin ETF in the market, analysts are pumped with optimism that it will help to legitimize the market further. Reports suggest that the Valkyrie Bitcoin Strategy ETF will debut later today on Wednesday. On the other hand, Grayscale is accelerating its efforts in converting the world’s biggest Bitcoin fund GBTC into a spot Bitcoin ETF.