Trading Begins for the first BitCoin Futures ETF Listed on the New York Stock Exchange
ProShares launches the Bitcoin Strategy ETF (NYSE Ticker BITO)
Summary
On Oct 19th, 2021, ProShares listed the first Bitcoin Exchange Traded Fund in the US
ProShares Bitcoin Strategy ETF (NYSE Ticker BITO)
BITO can be bought and sold like a stock on any brokerage like Robinhood
Does not require a cryptocurrency exchange like Coinbase
Does not require a crypto wallet
The ETF will invest in Bitcoin futures which are bets on Bitcoin’s future price.
Expense Ratio: .95%, or $9.50 for every $1000 invested goes to pay the fund’s operating expenses
Bitcoin price at time of listing: $62,662.30
You’ve been watching Bitcoin skyrocket in price since 2017 or heard about your wife’s best friend who already made enough with crypto to buy a nice house in the burbs. You tried once, you really did, to get in on the action by signing up for Coinbase but never really got around to linking your bank account when your bank refused to let you use your credit card to buy some.
Well, now you have no excuses.
Bitcoin has a market capital of around $1.2 trillion, more than the GDP of most small planets. With nearly 50 million Americans having already purchased Bitcoin and another 50 million expected to do so over the next year, why are you still sitting on the sidelines?
Although the fund actually invests in Bitcoin futures contracts and experts say ““This is not a replacement for owning bitcoin directly,” ( Todd Rosenbluth, head of ETF and mutual fund Research at CFRA ) , it may be the easiest way for a new crypto investor to get into the market without dealing with the complexities of managing cryptographic keys and wallets.
So, where can you buy BITO ?
Since BITO trades like any other exchange listed stock available through a brokerage, if you have an account at Robinhood, TD Ameritrade, or Fidelity, you can go ahead and start getting on the action now.
Where can I find out more about BITO ?
Subscribe to our newsletter and stay tuned. We’ll be writing more about BITO and other crypto based funds in the coming weeks.