The first Bitcoin futures-linked exchange-traded fund in the United States, ProShares’ Bitcoin Strategy ETF, will begin trading on the New York Stock Exchange on Tuesday under the ticker BITO.
ProShares CEO Michael Sapir said the launch marks an important milestone for cryptocurrency ETFs in the U.S. following several years of effort to list one on an exchange:
“BITO will continue the legacy of ETFs that provide investors convenient, liquid access to an asset class. 1993 is remembered for the first equity ETF, 2002 for the first bond ETF, and 2004 for the first gold ETF. 2021 will be remembered for the first cryptocurrency-linked ETF.”
Sapir went on to say that the Bitcoin ETF’s debut on NYSE unlocks massive exposure for investors in traditional financial markets.
“BITO will open up exposure to Bitcoin to a large segment of investors who have a brokerage account and are comfortable buying stocks and ETFs, but do not desire to go through the hassle and learning curve of establishing another account with a cryptocurrency provider and creating a Bitcoin wallet or are concerned that these providers may be unregulated and subject to security risks,” he said.