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First-ever bitcoin ETF BITO launches

  • ProShares' bitcoin ETF does not hold bitcoin directly, but instead invests in the cryptocurrency's futures.
  • The ETF is intended to give exposure to investors who do not want to go through the hassle of buying bitcoin directly.
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First-ever bitcoin ETF BITO launches

On Monday, ProShares debuted the first-of-its-kind bitcoin ETF on the New York Stock Exchange, running with the ticker name BITO. It closed the first day up nearly 5%.

For the first time, investors can invest in bitcoin via an ETF, without having to buy the cryptocurrency on a crypto exchange. Crypto enthusiasts had been advocating for such an ETF for several years, with the SEC turning down several proposals before approving this latest one.

 


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