On Tuesday, local time, ProShares launched its bitcoin futures ETF on the New York Stock Exchange under the ticker symbol "B-I-T-O." The first U.S. Bitcoin futures-based ETF closed up 4.85% at $41.89 US dollars in its first day of trading, making its debut with a ranking only behind a BlackRock carbon fund.
Marking a fast start, B-I-T-O showed an intra-day trading volume of more than $625 million U.S. dollars.
The trading volume for the ProShares ETF B-I-T-O topped $1 billion on its first day, with its trading volume at 24.1 million shares after the close of U.S. stock markets on Tuesday. Bitcoin made a run to just under April's record high of almost $64,900 U.S. dollars, taking the cryptocurrency's price to $64,367 dollars. On Wednesday, options on B-I-T-O are set to begin trading on the New York Stock Exchange Options markets.
There are further applications for futures-based bitcoin ETFs lined up as well as moves to convert the world's biggest bitcoin fund, ticker G-B-T-C, into an ETF
The greenlighting of the ETF by the U.S. Securities and Exchange Commission was seen as a turning point for cryptocurrencies.
Whether bitcoin will ultimately survive government regulation needs to be watched, but speculators have started anticipating a swap of gold for bitcoin.
Lee Eunjin, Arirang News.