Shares of the ProShares Bitcoin Strategy exchange-traded fund, the first bitcoin-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 bitcoin futures ETFs 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 begin trading soon. Anticipation of the 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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