ProShares Bitcoin Strategy ETF debuts in nearly $1B

ProShares Bitcoin Strategy ETF witnesses debut trade volumes just shy of $1B

• The ProShares Bitcoin Strategy ETF (NYSEARCA:BITO) completed its first full trading day on a high note closing 4.85%.
• The crypto ETF came storming out of the gates, transacting nearly $290M worth of shares in just the first 20 minutes of trading, according to Decrypt.
• In addition, the exchange traded fund closed out the day with $994M in total volume, just shy of $1B on the trading session.

• To put that in perspective, it’s more than the two other largest 2021 ETF launches combined. VanEck Vectors Social Sentiment ETF (NYSEARCA:BUZZ) experienced $439M in total volume, and ARK Space Exploration & Innovation ETF (BATS:ARKX) had $298M in total volume.
• Only one ETF has ever seen $1B in total volume trade on opening day, and that was the BlackRock U.S. Carbon Transition Readiness ETF (NYSEARCA:LCTU) which experienced $1.25B.
• BITO has become a vessel for investors to access Bitcoin (BTC-USD) inside of an ETF wrapper. While the new ETF does not directly hold Bitcoin, it aims to provide market participants with capital appreciation through managed exposure to Bitcoin futures contracts.