ProShares Bitcoin Strategy ETF (BITO) Hits Record $2B in Assets Amid Spot ETF Anticipation
BITO’s trading volume surged to BITO surpassed $800 million amid excitement over SEC’s verdict on a spot Bitcoin ETF in the US.
The ProShares Bitcoin Strategy ETF (BITO) has witnessed a significant surge in its assets under management, approaching the $2 billion mark on January 8th, thereby registering an all-time high.
On the same day, the trading volume of the fund crossed $800 million.
- Launched in October 2021, BITO made history as the first-ever Bitcoin futures exchange-traded fund (ETF) in the United States.
- In the absence of spot Bitcoin ETFs, the popularity of products investing in BTC futures soared. Shortly after its launch, BITO swiftly reached $1 billion in assets, demonstrating the strong demand for crypto-related investment vehicles.
- However, the fund faced a setback in November 2022 when its asset base contracted to around $500 million following the collapse of the FTX crypto exchange.
- Recent months have seen a remarkable rebound for BITO, driven by substantial inflows amid a Bitcoin rally.
- The latest milestone comes amid increased anticipation of approval for spot Bitcoin ETFs in the US, which has fueled optimism and contributed to the renewed interest in BTC-related investment instruments.
- Last month, Cathie Wood’s ARK Invest liquidated nearly $45 million in GBTC shares and over $150 million in Coinbase stocks. A significant portion of the proceeds from the GBTC sale, totaling $100 million, was utilized to acquire Bitcoin Futures ETF BITO.
- Following the move, ARK became the second-largest holder of the BITO.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
From Mortgage-Backed Securities to GPU-Backed Securities, is Nvidia Following in AIG's Footsteps?
Macro strategist Simon White believes that financialization is systematically masking the market signals indicating overcapacity. Similar to the housing crisis, the current boom in capital expenditure is more likely to attract increasing amounts of capital under the lubrication of financial alchemy, leading to excessive construction. Meanwhile, signals that computing power is already abundant are unlikely to draw much attention.
The NAND Boom in the Era of AI Inference: Western Digital (SNDK.US) Investor Day May Reveal a New Growth Curve! The Storage Bull Market Awaits the Next Fundamental Catalyst
Any signals of growth prospects or indications of NAND demand and technological iteration released by management during the "SanDisk Investor Day" could serve as a fundamental confirmation for the continued rally in global storage stocks.
Driven by declines in energy and food, the U.S. July PPI year-on-year increase narrowed to 4.7%, echoing the cooling trend of CPI
Due to further declines in energy and food costs, the year-on-year increase in U.S. wholesale inflation in July was lower than market expectations, continuing its downward trend.
Charles Schwab promises crypto transfers as rollout is ‘going as planned’
Crypto prices
More
