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ProShares Bitcoin Futures ETF ‘BITO’ Rises in Debut

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Shares of the ProShares Bitcoin Strategy exchange-traded fund, the first bitcoin futures-related ETF to trade in the U.S., initially rose 3% when trading began and were lately up 1.6% to $40.63 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 the bitcoin futures ETF 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 be approved and begin trading soon.

  • Anticipation of the ProShares 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.

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