First Bitcoin-Linked ETF Starts Trading on New York Stock Exchange

The cryptocurrency universe celebrated a landmark moment in the history of the asset class as the first-ever exchange-traded fund of Bitcoin started trading on the New York Stock Exchange today.

The Proshares Bitcoin-linked ETF started trading on the stock exchanges with the ticker name of BITO. ProShares Bitcoin Strategy ETF was trading 3.2 per cent higher at $41.2 on the NYSE.

The Proshares ETF is by no means the first-ever Bitcoin-related ETF to trade in the world as countries like Canada had already launched a Bitcoin ETF in the recent past.

The prospects of the listing of an ETF have excited the cryptocurrency universe with the price of Bitcoin trading 1.3 per cent higher at $63,451, near its all-time high.

“This opens up many passive funds including retirement and tax-saving accounts to start buying bitcoin. Given the liquidity available (despite the taper noise), the big money will pile on,” said Amit Kumar Gupta, portfolio advisor at Adroit Financial Services.

Analysts, who track the cryptocurrency market, have suggested that the launch of Bitcoin ETF in the US could trigger further upside in Bitcoin and take it past its all-time made in April 2021.

October 19, 2021