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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. 

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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