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Bitcoin Futures Index Fund Rises 3% on Stock Market Debut


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The first bitcoin futures index fund (ETF) rose nearly 3% on Tuesday in its expected Wall Street debut as bitcoin, the most widely used cryptocurrency, surged above $63,000, approaching its all-time high.

At 10.00 local time (14.00 GMT), the Bitcoin Strategy ETF (BITO, by its label) was up 3.13 % and stood at $41.25 a security, above its pre-market benchmark of $40, according to market data.

Executives from ProShares, the firm that launched the financial product, were present today at the traditional ringing of the New York Stock Exchange bell, applauding from the balcony and celebrating what they considered a “milestone” for this sector.

ProShares CEO Michael L Sapir said Monday that BITO will mark a “milestone for ETFs” and is especially interesting because it saves investors “the hassle” of creating a bitcoin portfolio at a cryptocurrency provider for those concerned about regulation and risk.

“We believe a multitude of investors have been eagerly awaiting the launch of a bitcoin-linked ETF after years of efforts to launch one,” added the executive of this firm, which has offered a variety of index funds since 2006.

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The bitcoin, which has been rising the last few days on the back of anticipation, surpassed $63,000 this morning closing the gap with its high of almost $65,000. Since the beginning of the year, it has appreciated more than 110%.