Bitcoin surges above $64,000 as first crypto-linked ETF lists on NYSE
The price is less than 1 percent from its record of $64,899 as of April 14, 2021.
ProShares Bitcoin listing has been described as a new milestone in cryptocurrency’s journey toward the financial mass market.
After listing under the ticker BITO, the ETF by ProShares, an investment management firm, gained 4 percent to close at $42 on the first trading day.
The ETF primarily invests in bitcoin futures contracts, betting on the future prices of bitcoin instead of the cryptocurrency.
ProShares, in a statement on Monday, said BITO’s launch would offer investors an opportunity to gain exposure to Bitcoin returns through a brokerage account.
BITO can be bought and sold like a stock and eliminates the need for an account at a cryptocurrency exchange and a crypto wallet,” the statement reads.
Michael L. Sapir, ProShares chief executive officer (CEO), said, “We believe a multitude of investors have been eagerly awaiting the launch of a bitcoin-linked ETF after years of efforts to launch one.”
“BITO will open up exposure to bitcoin to a large segment of investors who have a brokerage account and are comfortable buying stocks and ETFs, but do not desire to go through the hassle and learning curve of establishing another account with a cryptocurrency provider and creating a bitcoin wallet or are concerned that these providers may be unregulated and subject to security risks.”
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