BITO saw over 24 million shares change hands in its first day. This led to a volume of $1 billion and volume trading in the area. ProShares’ debut was second only to a BlackRock carbon-fund for trading on its first day.
Bloomberg data shows that BITO rose 4.9% to $41.94 per day. Options on BITO will start trading on the NYSE Arca Options, and NYSE American Options exchanges starting Oct. 20, according to the report.
The much-anticipated Bitcoin futures fund was approved late last week by the U.S. Securities and Exchange Commission. It began trading on the New York Stock Exchange Oct. 19, with an opening price at $40.88.
Big Day For Bitcoin Fund
Stephane Ouellette is the chief executive officer and co-founder at crypto-focused capital markets platform FRNT Financial Inc. He said it was a very successful launch.
“Given all the avenues that retail investors have for participating in BTC, it is clear that the U.S.-based ETFs still satisfy some type of latent demand, even if it is niche.”
Simeon Hyman from ProShares stated on Bloomberg TV that the new investment product is a convenient way for investors to access Bitcoin through regular brokerage accounts. Simeon Hyman stated that the new investment product would allow “many people who have been waiting to have an easy way to invest in Bitcoin and a robust method to do so to now be involved” and it would also make it easier for them to have it in their portfolios.
BITO was the most-bought asset on Fidelity’s platform. Customers placed more than 8,800 orders to buy BITO before yesterday’s close.
Sam Bankman-Fried, crypto billionaire and FTX CEO, said that it was an “incredibly bullish week.” Peter Schiff, gold bug, couldn’t resist putting his usual downer in the mix.
“My beef with Bitcoin pumpers is that they will now use the approval of the government to succker in more buyers based upon the government’s supposed endorsement for Bitcoin by approving ETF.”
There is no volatility… yet
Analysts had expected significant volatility, but Bitcoin prices actually climbed closer to their highest point during Wednesday’s Asian trading session. According to CoinGecko at the time of writing, BTC was trading around $63,500 at the time. This is just 1.3% below its peak price.
Analysts expect the Valkyrie Bitcoin Strategy ETF ETF to start trading this week under the ticker BTFD. This could increase the frothy momentum.
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