The first SEC-approved ETF with exposure to cryptoassets was officially launched in the United States on Tuesday (19). With the ETF opening for trading, in just four hours, more than US$ 750 million was traded.
Soon, the ProShares Bitcoin Strategy ETF (BITO) fund may reach a new record on the American stock exchange. If it surpasses US$ 1.16 billion in trading on the first day, BITO will be considered the ETF with the best debut ever on the U.S. financial market.
Although BITO is not the world’s first bitcoin-based ETF, the fund’s approval by U.S. authorities reflects heavily on the market. Recently, the bitcoin price has risen more than 10% and is now trading around US$ 63,000.
Bitcoin ETF in the United States
Trading began yesterday, 19th, on the first ETF with bitcoin exposure approved by the US SEC. Called BITO, the cryptoasset index fund debuted on the exchange with an impressive trading volume.
In the very first 45 minutes of its debut, US$ 424 million was traded in shares representing the bitcoin ETF. The impressive trading volume is being maintained on this first day of buying and selling of the ETF, which has already increased to US$ 750 in trading volume.
Initially, each share of the BITO ETF was worth around US$ 40 and may end the day with an appreciation of more than 5%. The fund has already reached more than US$ 750 million and is approaching a new financial market record.
If it surpasses US$ 1.16 billion, the BITO ETF will become the index fund with the best debut in the history of the U.S. stock market. With 20 more hours to beat the record, the ETF’s trading could exceed this amount, according to a tweet from CC15 Capital on the subject.
“BITO, the first bitcoin ETF, traded US$ 750 million worth of shares in less than 4 hours on the first day of trading. The record for an ETF launch is US$ 1.16 billion.
“The ProShares Bitcoin Strategy ETF (BITO) is presented in the financial market after other countries approved an index fund with cryptoassets. Before the United States, Brazil and Canada were pioneers in the market and have been trading cryptoasset ETFs since the beginning of 2021.