- Ref:: Stake blog
- Title:: What is $BITO?
- Author:: Stake
- Year of publication:: 2021
- Category:: Blog
- Topic:: #topic.cryptoasset, #topic.etf
Notes from reading
BITO. The first Bitcoin ETF has just started trading on the NYSE.
After years of speculation, a Bitcoin ETF is here. Following SEC approval, investors can now access the largest cryptocurrency on the market through their equities portfolio. Issued by ProShares, the ETF known as $BITO tracks Bitcoin futures rather than Bitcoin itself. This is not uncommon. Commodity ETFs often track futures rather than physical assets. While this means the price of the ETF and Bitcoin will not correlate exactly, it is the only way such an offering could make it to market at this stage.
It is expected that other ETF issuers like Invesco will also unroll their own offering by the end of the year.