The SEC yesterday gave the green light to the first Bitcoin ETF in the United States.
The Proshares Bitcoin Strategy ETF (BITO) will begin trading today on the New York Stock Exchange (NYSE) on Oct. 19, 2021.
It is a pity that the first Bitcoin ETF in the US invests in Bitcoin futures and not directly in Bitcoin. Due to Contango and Backwardation, the price of the ETF will perform differently than bitcoin itself. Let’s wait and see how it all plays out.
The first trading day of the BITO ETF was a complete success. The daily turnover on the first trading day broke almost all records and almost beat the Blackrock US Carbon Transition Readiness ETF.
Meanwhile, the ETF holds 1872.00 CME Bitcoin futures (BTCV1) and 1425.00 November futures (BTCX1), for a total of 3297 Bitcoin futures.
There are more Bitcoin ETFs waiting in the wings for approval.
Potential date of approval: